The IRS has just announced an extension of the 2018 due date for certain organizations to give 2017 health coverage information to individuals. This extension applies to insurers, self-insuring employers, certain applicable large employers, and other coverage providers.
If the extension applies to your organization, you now have until March 2, 2018, to provide employees and covered individuals with Forms 1095-B or 1095-C. The original deadline was January 31.
It is required by law that Forms 1095-B or 1095-C must be issued to employees or covered individuals, as these forms provide healthcare information that is important for tax purposes. The forms are used to help employees and covered individuals decide whether or not to claim the premium tax credit on income tax returns.
The 30-day extension is automatic; however, the due dates for filing 2017 information returns with the IRS have not been extended. For 2018, the due dates to file information returns with the IRS are:
- February 28 for paper filers (assumed to be March 2, 2018 per the 30-day extension, but Axiom plans on having these sent by February 28 just in case)
- April 2 for electronic filers
Because of this extension, individuals may not receive Forms 1095-B or 1095-C by the
time they’re ready to file their 2017 individual tax returns. While the forms may assist in preparing the return, they are not required to file. Taxpayers can often find this information on other documentation if necessary.