{"id":3259,"date":"2020-10-12T23:32:10","date_gmt":"2020-10-12T23:32:10","guid":{"rendered":"http:\/\/bakertillyvantagen.com\/?p=3259"},"modified":"2023-05-09T14:01:17","modified_gmt":"2023-05-09T14:01:17","slug":"irs-provides-limited-relief-for-information-reporting","status":"publish","type":"post","link":"https:\/\/sitepreviews.org\/bt-vantagen\/3259\/irs-provides-limited-relief-for-information-reporting\/","title":{"rendered":"IRS provides limited relief for information reporting"},"content":{"rendered":"\r\n<p>The IRS recently announced that it was extending the issuance deadline for 2020 Form 1095-B and Form 1095-C to March 2, 2021. Due dates for other reporting requirements, such as filing 2020 Forms 1094-B, 1095-B, 1094-C, and 1095-C with the IRS have not been extended (they are March 1, 2021 for paper filings; March 31, 2021 for electronic filings).<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Additionally, and reflective of previously released guidance, the IRS commented on its intention to no longer impose a penalty for the failure to provide Form 1095-B to responsible individuals if certain conditions are met. These conditions include posting a prominent notice on the organization\u2019s website with information on how an individual may request a copy of Form 1095-B followed by fulfilling any initiated request within 30 days.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Lastly, the IRS announced that its good faith relief will continue with respect to incorrect or incomplete form filings. No penalties will be imposed on entities that report incorrect or incomplete information-either on statements furnished to individuals or returns filed with the IRS if they made good faith efforts to comply with the reporting requirements.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">OUR THOUGHTS.<\/h3>\r\n\r\n\r\n\r\n<p>The form issuance deadline extension is always welcome news given the complex nature of this reporting requirement. \u00a0The penalty relief on \u201cB\u201d form issuance is nice in theory but actually delivers very limited impacts to \u201cC\u201d form issuers\/filers. \u00a0When it comes to the penalty relief for incorrect or incomplete filings, it is important to remember that Applicable Large Employers remain mandated to offer ACA-compliant coverage to full-time employees. \u00a0It is within the Employer Shared Responsibility space that we see the IRS actively proposing penalties for non-compliance. \u00a0Once notified, it is here where employers face the arduous task of having to explain their reporting and offer of coverage actions to the 4980(H) Response Unit. \u00a0<a href=\"https:\/\/www.bakertilly.com\/insights\/practical-perspectives-on-matters-of-affordable-care\" target=\"_blank\" rel=\"noreferrer noopener\">See our white paper<\/a>\u00a0for very literal case examples that reinforce why ACA compliance remains high on the organizational risk spectrum. \u00a0<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Baker Tilly Vantagen provides employers and insurance brokers with comprehensive ACA compliance and reporting support services. \u00a0These services allow employers to actively manage and monitor compliance with key health insurance mandates (variable hour employee tracking, coverage affordability, 95% offer rule) and back up their actions through sound, timely and accurate annual Form 1094\/1095 generation and handling. Contact Donna Mariotti today to learn more about how we can support or expand your capabilities in these areas.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>The IRS recently announced that it was extending the issuance deadline for 2020 Form 1095-B and Form 1095-C to March 2, 2021. Due dates for other reporting requirements, such as filing 2020 Forms 1094-B, 1095-B, 1094-C, and 1095-C with the IRS have not been extended (they are March 1, 2021 for paper filings; March 31, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[21],"class_list":["post-3259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-benefits-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS provides limited relief for information reporting - Baker Tilly Vantagen<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sitepreviews.org\/bt-vantagen\/3259\/irs-provides-limited-relief-for-information-reporting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRS provides limited relief for information reporting - Baker Tilly Vantagen\" \/>\n<meta property=\"og:description\" content=\"The IRS recently announced that it was extending the issuance deadline for 2020 Form 1095-B and Form 1095-C to March 2, 2021. 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