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IRS Extends Form 1095-B and Form 1095-C Deadline

The IRS issued Notice 2018-06 and extended the deadline to furnish individuals with 2017 Form 1095-B and Form 1095-C. The automatic 30-day extension pushes the due date from January 31, 2018, to March 2, 2018.

However, the due dates to file Form 1095-B and Form 1095-C with the IRS have not been extended. If filing on paper, submission to the IRS is required by February 28, 2018. If filing electronically, submission is required by April 2, 2018 (since March 31, 2018, is a Saturday).

As in previous years, individual taxpayers do not need to wait to receive Forms 1095-B and 1095-C before filing their 2017 returns. Neither do individuals need to send the information they relied upon to the IRS when filing their returns, but they should keep it with their tax records.

Reporting entities that have been able to show good-faith efforts to satisfy the reporting requirement have enjoyed relief from penalties for incorrect or incomplete information on the forms. The December 22, 2017 Notice extends this transition relief to the 2017 reporting period as well.

Finally, the tax law signed by the President on December 22, 2017, repealed the individual mandate effective in 2019. It is important to note that the tax reform law does not impact the ACA’s Cadillac tax, which is still scheduled to take effect in 2020.

For additional information, please contact your Account Manager or Tony Sorrentino at 402.964.5470 or tsorrentino@ssgi.com

View a printable version of the bulletin here.

This material is intended for informational purposes only and should not be construed as legal advice and is not intended to replace the advice of a qualified attorney, tax advisor or plan provider. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. The information provided herein is intended solely for SilverStone Group clients. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included in this special bulletin.

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