Healthcare Information Statements Deadline for 2020 Extended

Each year, the Patient Protection and Affordable Care Act (PPACA) requires health care information statements to be prepared and sent out to individuals. The IRS has recently announced that it has extended the due dates for sending healthcare information statements from January 31 to March 2 for 2019 Form 1095-B or Form 1095-C. 

 

The IRS has also extended the penalty relief of certain cases where an employer may fail to furnish individual statements. If you are an insurance carrier or small employer with fewer than 50 employees working full-time, you will be exempt from penalties if you post a prominent notice on your website informing individuals that they can request a statement and are sure to include contact information to assist these individuals. You must then supply a 1095-B by 30 days after requested.   

 

Over the years, since this became a requirement, it has been noted that employers, insurers, and other providers of health coverage are in need of more time to prepare these forms. Even though these employers are given more time to analyze and gather information, the IRS is still encouraging them to submit these forms to individuals as soon as possible. 

 

It is important to note, however, that although the due date for these forms is extended to employees and individuals, the due date to submit the forms to the IRS is not extended. Forms 1094-B, 1095-B, 1094-C, or 1095-C need to be submitted by paper on February 18 or electronically by March 31. If you are filing more than 250 forms, you are required to file electronically. 

 

You can visit the IRS online for more information on the health coverage forms requirement. It provides information on how to report, how to file electronically, reporting penalties, and more. 

 

At Hall & Company, we are an Orange County CPA firm based in Irvine committed to providing quality tax and accounting services along with sound financial direction to clients throughout Orange County, California. We offer business development consulting, audit, tax preparation, IRS Audit, retirement planning, business roundtables, estate planning, QuickBooks consulting, Interim Chief Financial Officers, and a full range of traditional public accounting services.

 

Are you a business looking to hire a CPA for the upcoming tax season? Hall & Company is based in Irvine, California, but is qualified to represent your business’s financial interests nationally. If you’re ready to put your business into experienced hands, contact us today. We’re here to take your business to the next level. For more financial tips and information, take a look at our blog