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ACA 2016 Deadlines Extended

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The deadlines for two Affordable Care Act information-reporting forms for 2016 were extended 30 days by the Internal Revenue Service; the agency said Nov. 18 in a notice.

The due dates were extended to March 2, 2017, from Jan. 31, 2017, for the 2016 Forms 1095-B, Health Coverage, and Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage, the IRS said in Notice 2016-70. The information-reporting forms are given by certain employers to employees as required under Sections 6055 and 6066 of the Internal Revenue Code. Employees do not need to wait to receive Forms 1095-B and 1095-C before filing individual tax returns, the IRS said. The forms should be retained by employees for their records and not sent to the IRS.

The notice also allows for transitional good-faith relief from the penalties imposed by Sections 6721 and 6722 of the Internal Revenue Code, which relate to ACA information-reporting requirements. Employer relief applies to missing and inaccurate taxpayer identification numbers and dates of birth, as well as other information required on returns or statements, the IRS said.

The notice is to be published Dec. 5 in Internal Revenue Bulletin 2016-49.

Noncompliance is Getting Even More Expensive

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Fines for failing to posting the federal “Equal Employment Opportunity is the Law” just increased effective July 1, 2016. Penalty fines increased from $210 to $525 for each offense. While the $525 penalty may seem insignificant, there may be other, more severe, ramifications for failure to comply with the posting requirement. For example, when defending against an EEOC charge, the absence of this poster may strengthen the employee’s complaint and/or expose your company to additional damages. Avoid this penalty and other negative ramifications by verifying that your workplace has the federal Equal Employment Opportunity Is the Law poster posted in a conspicuous location in the workplace where notices to applicants and employees are customarily posted. Client companies of Harbor America are provided these posters free of charge. Simply call us at (800) 845-5695 and we will have one sent out to you.