November 14, 2020 - Douglas Myser

Health coverage deadline now extended. The IRS has announced that it is extending the due dates for sending certain health care information statements to individuals as required under the Patient Protection and Affordable Care Act, P.L. 111-148. The IRS has extended the date every  year since the PPACA's requirement went into effect because a substantial number of employers, insurers, and other providers of health coverage need more time to gather and analyze the information they need to prepare form 1095-B, Health Coverage, and Form 1095-C, Employer-Provider Health Insurance Offer and Coverage, which are used to satisfy the requirement to provide the statements. The due date to send individuals the 2020 Form 1095-B or Form 1095-C is now March 2, 2021.  The original due date was Jan. 31, 2021. Health coverage deadline now extended.

However, the IRS has determined that there is not need for an extension of time for filing those forms with the IRS, or for the 2020 Form 1094-B, Transmittal of Health Insurance Offer and Coverage Information Returns. Those returns must be filed with the IRS by March 1, 2021, if not filing electronically, and by March 31, 2021, if filing electronically. Sec. 6055 requires health insurance issuers, self insuring employers, government agencies, and other providers of minimum essential coverage to file annual information returns about coverage provided. Section 6065 requires applicable large employers to file annual information returns (for those employers with 50 or ore full time employees), about the health insurance the employer does or does not offer to its full time employees. Health coverage deadline now extended.

Because the IRS is extending the due dates for providing Forms 1095-B and 1095-C to individuals, the normal provisions for requesting extended due dates for providing these forms will not apply. Although it is extending the due dates, the IRS encouraged employers to furnish the information statements as soon as possible. The IRS is also extending its relief from penalties under Secs. 6721 and 6722 for taxpayers that have made good faith efforts to comply with the 2020 reporting requirements.

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