December 30, 2016, update: The IRS did provide some relief to employers for 2016 reporting. They moved the due date to provide 1095 forms to employees from Jan. 31, 2017, to March 2, 2017.
After years of debate, employers are coming to terms with the Affordable Care Act (ACA). But, the act is a work in progress, so changes are a given. For starters, the IRS extended the reporting deadlines for tax year 2015, but an extension is not expected to be granted for tax year 2016. Also, good faith efforts may no longer prevent fines for noncompliance.
Six years after being passed, the ACA remains one of the biggest challenges for employers to overcome. So, how do you navigate the complexities and minimize any negative financial impact? The answer lies in learning from past mistakes and preparing for what’s ahead.