Smart Benefits: Temporary Penalty Relief for Employers
Monday, July 25, 2016
While the deadline for applicable large employers, self-insured employers, and other health coverage providers to electronically file ACA information returns was June 30, 2016, the IRS has announced it won’t assess penalties for late filers who have made “legitimate efforts.”
According to the IRS, filers of Forms 1094-B, 1095-B, 1094-C and 1095-C that missed the due date will not generally be assessed late filing penalties under section 6721 if they have made legitimate efforts to register with the AIR system and file information returns, and continue to make such efforts and complete the process as soon as possible. The ACA Information Returns (AIR) system remains up and running and will continue to accept information returns.
In addition, filers assessed penalties may still meet the criteria for a reasonable cause waiver.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTPaper filers who missed the May 31, 2016, paper filing deadline for ACA information returns should also complete the filing of returns as soon as possible.
Rob Calise is the Managing Director, Employee Benefits. of Cornerstone|Gencorp, where he helps clients control the costs of employee benefits by focusing on consumer driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance.
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