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Comp and Benefits Brief

December 28, 2017

Holiday Gift #2 - ACA Deadline Extended for 2017 Notices

Similar to last year, the Internal Revenue Service has given employers an additional holiday gift – an extension of the deadlines for delivery (but not filing) of 2017 Forms 1094 and 1095.

ACA INFORMATION REPORTING

As outlined in our prior alert, ACA Year-End Reporting (found here), all employers who qualify as applicable large employers (ALEs), and all insurers and self-insured employers, are required to provide certain information statements to individuals and file certain reports with the IRS.  For the 2017 reporting year, the deadlines by which forms must be provided to individuals has been extended, but the dates for IRS filings by employers and insurers have not been extended, as follows:

Form

Old Deadline

New Deadline

Delivery of Form 1095-C and 1095-B Statements to Individuals

January 31, 2018

March 2, 2018

Filing of Form 1094-C and 1094-B Reports with IRS

February 28, 2018 if filing on paper

April 2, 2018 if filing electronically

No Change


GOOD FAITH COMPLIANCE TO AVOID PENALTIES

Last year's extension also provided that penalties for incorrect or incomplete information on the forms were waived if employers could show good faith efforts to comply with the information reporting requirements. This has now been extended for the 2017 filings to be made in 2018. There is no relief for failures to file. So, again, it is better to file with a best effort than not to file.

LAST EXTENSION?

Unlike prior extensions, this year's extension concludes with the IRS's statement that they do not anticipate extending any transition relief next year for the 2018 reporting and filings. 

Nelson Mullins Executive Compensation and Employee Benefits attorneys are ready to assist with your compensation and benefits related matters in a cost-effective and responsive manner.  Please contact one of our Executive Compensation and Employee Benefits partners or the Nelson Mullins attorney with whom you work.