With the economy still only just recovering, it’s hard to keep a business running - not to mention all the paperwork. The first thing due this year will be the Affordable Care Act forms of 2020. Luckily, the deadline has been extended for reporting to individuals as per Notice 2020-76.
The original deadline of January 31st, 2021 has been pushed down to March 2nd, 2021.
Note: This deadline is applicable for 2020 ACA filing towards individuals - not to the IRS.
The ACA reporting that needs to be filed with the IRS (by snail mail) must be done as usual by March 1st, 2021. If done electronically, the submission deadline is March 31st, 2021.
To summarize, here are the ACA Forms to be filed/sent along with the deadlines:
Furthermore, if furnishing these statements to individuals cannot be completed by the March 2 deadline, the IRS has decided to offer penalty relief in certain cases. To be specific:
The individual mandate to provide forms 1095-B can be done past the deadline with a $0 penalty, provided your company makes it public knowledge that individuals may request the forms by mail or electronically.
The $0 penalty does not apply to large employers that offer self-insured health plans and need to issue Form 1095-C to employees.
This can all sound confusing and new if you’re managing a small business amidst the chaos that has dragged on into 2021. If you have any questions about your company’s insurance needs and reporting needs, contact the experts at NY Small Health.