News

The IRS has permanently extended the deadline for furnishing IRS forms 1095-B & 1095-C to March 2nd, 2022.

Filers should note, they will no longer be able to request an additional 30 days to furnish recipient statements. If more time is needed to report ACA 1095-B & 1095-C forms to the IRS, an extension should be filed.

The IRS released proposed regulations that permanently extends the time for businesses to provide the recipient copy of Forms 1095-B and 1095-C.

These regulations propose to permanently amend §1.6055-1(g)(4)(i) i to automatically grant filers a 30-day extension of time to issue the Forms 1095-B and 1095-C to recipients go-forward.

Filers must issue 1099-NEC to report nonemployee compensation (NEC) amounts that previously, were reportable on Form 1099-MISC Miscellaneous Income (Box 7).

Prior to Tax Year 2020, separate reporting dates for NEC and non-NEC amounts on 1099-MISC proved challenging to filers. Hence the reintroduction of 1099-NEC, last used in Tax Year 1982.

California (CA) has recently extended its ACA 1094/1095 reporting deadline to May 31st, 2020. Due to high volume and limited processing capacity, California (CA) has extended their ACA (1094 & 1095) deadline from March 31st, 2021 to May 31st, 2021.

There is no penalty for any 1094 & 1095 forms that are reported to California (CA) before May 31st, 2021.

The IRS has officially provided notice that the deadline for furnishing (printing & mailing) IRS forms 1095-B & 1095-C is now extended to March 2nd, 2021. The deadline was previously January 31st, 2021.

There is no change to the IRS electronic filing deadline at this point.

The Tax Year 2020 IRS ACA 1095 forms & instructions are now available to the public. The IRS made quite a few changes this year, so please read through each form type thoroughly. Any customer using the 1095-C tax form will want to make sure to use the latest, Tax Year 2020, 1095-C import map as well.