December 30, 2015 Catrina Reyes, J.D., M.P.A., Policy Analyst and Compliance Manager
The Affordable Care Act (ACA) requires information reporting under Internal Revenue Code Sections 6055 and 6056. The purpose of Section 6055 reporting is to report, to the IRS and individuals, those covered by Minimum Essential Coverage (MEC) and therefore not liable for the Individual Mandate penalty. The purpose of Section 6056 reporting is to provide the IRS with information to administer the Large Employer Mandate, determine whether an employer owes a penalty, and verify the premium tax credit eligibility of employees.
On December 28, 2015, the IRS issued Notice 2016-4, which extends the due dates for the 2015 information reporting requirements, both furnishing to individuals and filing with the IRS. The due date for furnishing the 2015 Form 1095-B (generally provided by carriers to inform individuals that they had MEC) and the 2015 Form 1095-C (provided by Applicable Large Employers) was extended from January 31, 2016, until March 31, 2016. The due date for filing with the IRS was extended from February 29, 2016, to May 31, 2016, if not filing electronically, and from March 31, 2016, to June 30, 2016, if filing electronically.