IRS Extends Deadline to Provide Forms 1095-B and 1095-C
The IRS has automatically extended the due date for employers to provide employees with information regarding their 2018 health care coverage. Small employers (under fifty full-time employees, including full-time equivalents) that offer self-insured medical coverage, and applicable large employers subject to the employer shared responsibility provisions of the Affordable Care Act, now have until March 4, 2019 to provide Forms 1095-B or 1095-C, respectively, to individuals. The Forms were originally due January 31, 2019. Taxpayers are not required to wait to receive their Form 1095-B or Form 1095-C to complete their 2018 individual income tax return. This extension does not extend the deadline for filing the 2018 information returns (Forms 1094-B or 1094-C) with the IRS, which are due February 28, 2019 for paper filers and April 1, 2019 for electronic filers. Further, the IRS will again apply “good faith penalty relief” for employers who can show they used good faith when completing the filing requirements. Among other things, the good faith penalty relief does not extend to a failure to furnish statements or file returns, or missing an applicable deadline.