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Health Care Reform Update 

Forms 1095-B and 1095-C Furnishing Deadlines Extended / Good Faith Penalty Relief also Extended

The IRS has extended the due dates for furnishing 2017 Forms 1095-B and 1095-C to covered individuals and full-time employees, respectively, from January 31, 2018, to March 2, 2018. The IRS has also extended good faith penalty relief to reporting entities who make certain calendar year 2017 information reporting errors. However, the deadline to file 2017 Forms 1095-B and 1095-C with the IRS remains February 28, 2018 (or April 2, 2018, if filing electronically).

Penalty Relief Extension
The IRS has extended penalty relief to reporting entities that can show that they made good faith efforts to comply with the calendar year 2017 information reporting requirements (both for furnishing to individuals and for filing with the IRS). This relief applies to missing and inaccurate taxpayer identification numbers and dates of birth, as well as other information required on the return or statement.

Applicable large employers (ALE) must use Form 1095-C to report information to their full-time employees about the health care coverage they have offered in a calendar year. Alternatively, Form 1095-B is used by insurers, self-insuring employers, and other parties that provide minimum essential health coverage to report information on this coverage to covered individuals. Employers subject to both reporting provisions (generally self-insured employers with 50 or more full-time employees, including full-time equivalent employees) will satisfy their reporting obligations using Form 1095-C.

Click here for more information from the IRS.

For further details on filing and furnishing Forms 1094-C and 1095-C, please see the latest form instructions.

Other Health Care Reform Resources
Many provisions of Health Care Reform are general in nature, with details to be clarified by the U.S Department of Health and Human Services or other federal agencies. The resources below can help you learn more about the law and stay up-to-date on the latest information.

Affordable Care Act (U.S. Employee Benefits Security Administration) (U.S. Department of Health and Human Services)
Affordable Care Act Tax Provisions (Internal Revenue Service)
Center for Consumer Information and Insurance Oversight
Patient Protection and Affordable Care Act, amended by the Health Care and Education Reconciliation Act of 2010

Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.  Copyright © 2017 HR 360, Inc., All rights reserved.