Several ACA Reporting Deadlines Extended

Right before the end of the year the Treasury Department and Internal Revenue Service (IRS) announced that they are extending several 2016 deadlines for the reporting requirements mandated by the Affordable Care Act (ACA) related to some corporate and individual tax reporting requirements. Under ACA, employers and insurance carriers are required to collect various pieces of data to report on a monthly basis to the IRS. This information is used to verify compliance with ACA and also determines what tax credits and cost sharing subsides under the state and federal insurance exchanges. Credit to NGA for reporting on this information:

• March 31, 2016: new deadline for companies to provide individuals with forms reporting on offers of health coverage and coverage (extended by 2 months)

• May 31, 2016: new deadline for employers/insurers to report that information to the IRS by paper (extended by 3 months)

• June 30, 2016: new deadline for employers/insurers to report that information to the IRS electronically (extended by 3 months)