Employers should be planning now to ensure they will be ready to distribute 2021 Affordable Care Act (ACA) Forms 1095-C to employees by the January 31, 2022 deadline. Last year, the IRS announced an extension for the 2020 forms deadline in early October; but it appears increasingly unlikely that an extension will be granted this year.
What does this mean for you? If you’re an applicable large employer (ALE), it means you’ll have less time to compile the personnel and health coverage information required to complete the forms and have them ready by the deadline. In the past, the deadline has been extended until early March; so, employers should be starting to gather information now in order to have adequate time. The IRS can impose up to a $280 per-form penalty for failing to furnish a form to an employee. There are no extensions available for the employee deadline. The IRS e-file deadline stands at March 31, 2022.
At Tronconi Segarra & Associates, we are asking our clients to provide information in early January and consider completing the ACA Workbook with November YTD information by December 31, 2021. If you need help with filing ACA forms or need assistance to determine if you’re even required to do so, we are here to help. We offer a full range of ACA consulting services including ALE determination, form preparation and e-filing, and printing and mailing of forms to employees.
For questions and additional information, please contact Michael Jones, CPA, MBA, Senior Accountant at Tronconi Segarra & Associates. He can be reached at (716) 633-1373 or firstname.lastname@example.org.