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Don’t Let Not Having A Form 1095 Delay Your Filing



John Stancil

The IRS has extended the due date for ACA related statements 1095-B and 1095-C to be given to individuals. IRS Notice 2016-70 extends the due date for these forms from January 31, 2017 to March 2, 2017. Note that the due date to provide these forms to the IRS has not changed, that date remains February 28, 2017.

This will apply to insurers, self-insuring employers, and applicable large employers. Form 195-B reports Health Coverage, while form 1095-C relates to Employer Provided Health Insurance Offer and Coverage.

The IRS stated that “Following consultation with stakeholders, the Department of the Treasury (Treasury) and the Service have determined that a substantial number of employers, insurers, and other providers of minimum essential coverage need additional time beyond the January 31, 2017, due date to gather and analyze the information and prepare the 2016 Forms 1095-B and 1095-C to be furnished to individuals.” The notice further stated that the IRS will not great further extensions beyond the extended due date. Failure to meet the deadline will result in penalties for failure to timely furnish and file.

This has the potential to delay the filing of individual tax returns. However, the Notice stated that taxpayers may rely on other information received from their employer or other coverage provider for purposes of filing their returns confirming that they had minimum essential coverage funder existing legislation. Taxpayers do not need to wait to receive Forms 1095-B and 1095-C before filing their returns. Individuals need not send the information relied upon to the Service when filing their returns but should keep it with their tax records. If such other information is available and individuals do not need the Form in order to file, one wonders why is the Form needed.

The takeaway from this is that:

1) Employers and those filing forms 1095-A and 1095-B have additional time to provide the form to covered individuals and

2) Not having the Form in hand should not delay the individual from filing his or her return.

Dr. John Stancil (My Bald CPA) is Professor Emeritus of Accounting and Tax at Florida Southern College in Lakeland, FL. He is a CPA, CMA, and CFM and passed all exams on the first attempt. He holds a DBA from the University of Memphis and the MBA from the University of Georgia. He has maintained a CPA practice since 1979 with an emphasis in taxation. His areas of expertise include church and clergy tax issues and the foreign earned income credit. He prepares all types of returns, individual and business.

Dr. Stancil has written for the Polk County Business Journal and has presented a number of papers at academic conferences. He wrote the Instructor’s Manual for the 13th edition of Horngren’s Cost Accounting. He is published in the Global Sustainability as a Business Imperative, Green Issues and Debates, The Encyclopedia of Business in Today’s World, The Palmetto Business Review, The CPA Journal, and in the NATP TaxPro Journal. His paper, “Building Sustainability into the Tax Code” was recognized as the outstanding accounting paper at the annual meeting of the South East InfORMS. He wrote a book entitled “Tax Issues Faced by U. S. Missionary Personnel Abroad ” that will soon be published.

He has recently launched a new endeavor, Church Tax Solutions, which presents online, on demand seminars on various church and clergy tax issues.

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