Due Date for Furnishing ACA Statements Extended to March 2, 2017

On Nov. 18, 2016, the Internal Revenue Service issued Notice 2016-70, which provides certain extensions related to Affordable Care Act reporting for 2016. Specifically, this notice: • Extends the due date for furnishing forms to individuals under Sections 6055 and 6056 from Jan. 31, 2017, to March 2, 2017 • Extends good-faith transition relief from penalties related…

Details

FINAL FORMS FOR ACA REPORTING RELEASED

The Internal Revenue Service (IRS) has released final 2016 forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. – Forms 1094-B and 1095-B are used by entities reporting under Section 6055, including self-insured plan sponsors that are not applicable large employers (ALEs). Final 2016 versions of these forms and final instructions were…

Details

ACA’S Affordability Contribution Percentage Increased For 2017

In April 2016, the Internal Revenue Service (IRS) issued Revenue Procedure 2016-24 to index the contribution percentages in 2017 for purposes of determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2017, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage…

Details