The IRS has extended the time you have to provide employees with their copies of Forms 1095-C or 1095-B to March 2, 2017. The IRS, however, is still encouraging you to provide employees with their forms by the end of this month.
Since it’s extending the deadline on its own, you don’t need to apply for a 30-day extension of time to furnish forms to employees.
Important: The filing deadlines with the IRS—Feb. 28 if you’re filing on paper, or March 31 if you’re filing electronically—still apply. Wrinkle: If you file on paper, your forms are due to the IRS before they’re due to employees.
The IRS is also extending its good-faith penalty relief standard for errors on your 2016 forms. What’s good faith: The IRS will consider whether you made reasonable efforts to prepare for reporting, such as gathering and transmitting the necessary data to your third-party provider or testing your ability to transmit the data to the IRS. The IRS will also consider the extent to which you are taking steps to ensure that you’ll be able to comply with the reporting requirements for 2017. (Notice 2016-70, IRB 2016-49)
Source: BUSINESS MANAGEMENT TODAY
