The Internal Revenue Service (IRS) recently announced the extension of supplying the Forms 1095-B and 1095-C to covered individuals and employees. Originally, the deadline was January 31, 2020 and now it will be March 2, 2020 for employers and insurers to supply these statements on 2019 health coverage. Potential Penalty Relief: The extension did provide new relief from the penalties imposed for not timely providing the complete and correct 1095-B statements to individuals; however, there are conditions that must be met first to receive such reprieve. IRS Filing Deadline Remains the Same: The regulations still require employers and insurers to file the Forms (along with transmittal forms) with the IRS by February 28 (paper filing) and March 31, 2020 (electronic filing). An automatic 30-day filing extension is allowed by filing the Form 8809 before the deadline. For more information on the extension refer to the IRS’ publication Notice 2019-63 https://lnkd.in/e4Gz3CW. If you have any questions, please reach out to our Compliance Department at firstname.lastname@example.org
You Might Also Like...
How Much Does Small Business Health Insurance Cost?
As health insurance remains the #1 employee benefit, small business owners are growing increasingly aware…Read Post
IRS Increases 401(k) Contribution Limit to $19.5K for...
Employers, this article has some useful information to think about for 2020; workers say they…Read Post