IRS Releases Final Employer Reporting Documents

IRS Releases Final Employer Reporting Documents

The Internal Revenue Service (IRS) has released final 2017 versions of the Form 1094 and 1095 series.  These are the forms you will use in early 2018 to report coverage details to employees and the IRS for the 2017 tax year.  One of the most important things applicable large employers need to know about the upcoming reporting season is that they will have to send affected employees and covered individuals their Forms 1095-B or C by January 31, 2018, which is a whole month earlier than last year.  Applicable large employers and self-funded plans also need to make sure their forms 1094-B or C are submitted to the IRS by February 28, 2018, if they are filing on paper. Electronically filed forms are due to the IRS by April 2, 2018, but businesses can get an automatic 30-day extension for either paper or electronic form submission by filing Form 8809.

The only other significant change for employers is that most transition relief will be eliminated in 2017.  In 2015 and 2016, some businesses qualified for transition relief that protected them from penalties if the employer failed to offer minimum essential coverage to all applicable employees or affordable minimum value coverage for parts of the year.  That protection has been fully phased out.

Kistler Tiffany Benefits’ Director of Compliance Services Scott Wham, J.D., recently recording a webinar that outlines changes for 2017 reporting. To listen, please click here.