The ACA Times


  Show menu
  • Home
  • Articles
  • Get to Know the ACA
  • ACA – Frequently Asked Questions
  • Resources
  • Meet the Editors
  • Trusaic
  • Contact Us
  • Terms of Service
  • Privacy Notice
  
  • Home
  • ACA Compliance
  • ACA Reporting Extension & Good Faith Relief From Penalties

Articles

ACA Reporting Extension & Good Faith Relief From Penalties

November 21, 2016 Robert Sheen ACA Compliance
ACA Reporting Extension & Good Faith Relief From Penalties

2017 is just around the corner, and there’s news from the IRS on important changes. The IRS’s Notice 2016-70, arriving in IRB 2016-49 dated December 5, 2016, highlights some of the changes to come with ACA’s information reporting. Among them are an important date extension and the availability of good faith relief.

2016 Form 1095-B for Health Coverage, and 2016 Form 1095-C for Employer-Provided Health Insurance Offer and Coverage have been extended from January 31, 2017 to March 2, 2017, meaning that employers have an extra month to furnish these forms to their employees. This doesn’t affect the employees’ ability to file their tax returns; but it does delay their receipt of the forms for their records.

Further, those employers who fear paying penalties due to ACA reporting violations may see some relief if good faith can be shown. Per the new Notice, the IRS has allowed for “transitional good-faith relief” regarding penalties for violations from Sections 6721 (Failure To File Correct Information Returns) and 6722 (Failure To Furnish Correct Payee Statements) of the Internal Revenue Code. The IRS’ highlight of such relief as “transitional” signals that such relief will not necessarily be available in 2018.

Here are free resources to assist your business with the upcoming ACA reporting.

  • Essential Guide to the ACA
  • ACA Instant Assessment Tool
  • ACA Compliance & Reporting Steps

Below is an infographic with the updated deadline and the potential penalties.

FC0001-V11-PotentialPenaltiesoftheACA

We’re committed to helping companies reduce risk, avoid penalties, and achieve 100% ACA compliance. For questions about the ACA contact us here.

Short URL of this page: https://acatimes.com/hsk
Robert Sheen

Robert Sheen

Esq., is Editor-in-Chief of The ACA Times. He also is founder, president and CEO of Trusaic.

Robert Sheen is Founder and President of Trusaic. Robert is a graduate of the University of Southern California, in Business Administration with an emphasis in International Finance. He earned his Juris Doctor from Loyola Law School, Los Angeles, concentrating in Tax Law.

View more by Robert Sheen

Related tags to article

ACA Extension
Related Articles Roe v. Wade Decision Signals Loss of Equality Roe v. Wade Decision Signals Loss of Equality
Related Articles California SB 1162 Continues Through State Legislature California SB 1162 Continues Through State Legislature
Related Articles 4 Steps For Helping Your Organization Celebrate Juneteenth 4 Steps For Helping Your Organization Celebrate Juneteenth
Sorry, no posts were found.
ACA Essential Guide for Employers 2021
Subscribe

Popular Posts

  • What Employers Need to Know About the California Individual Mandate
  • Get to Know the ACA’s Rule of Parity
  • What you Need to Know About IRS Letter 5699
  • Handling Seasonal Employees and Workers is Critical for ACA Compliance
  • The 2022 ACA 101 Toolkit is Here

Trending Topics

  • Regulations
    (91)
  • Legislation
    (47)
  • Editorials
    (19)
  • ACA Compliance
    (168)
  • Tax Filings
    (19)
  • Applicable Large Employer (ALE)
    (13)
  • Penalties
    (18)
  • IRS
    (86)
  • Health Insurance Marketplace
    (28)
  • Polls/Surveys
    (18)
  • Health Care Reform
    (22)
  • Reporting
    (22)
  • IRS 226J/226-J
    (28)

Categories


Brought to you by Trusaic

 

Twitter Facebook

Downloads

The ACA 101 Toolkit

The Essential Guide to the ACA

Letter 226J Infographic

5 Common ACA Compliance Mistakes

Triangle of Trust

Articles

IRS Affordability Safe Harbors Help Avoid ACA Penalties

Calculating FT and FTE Employees

The ACA Monthly Measurement Method: A Few Examples

The IRS’s 1095 Forms for ACA Explained

Incorrect ITINs Will Cause Havoc With ACA Compliance

Knowledge Center

Get to know the ACA

Get to know Letter 226J

Webinar: What triggers an ACA penalty

Trusaic News

Our Story


FEATURED IN

Human Resources Today
Connected Health Pulse

© 2021 Copyright Trusaic - All Rights reserved.

Close Window

Loading, Please Wait!

This may take a second or two. Loading, Please Wait!