IRS Extends ACA Reporting Deadline

in Affordable Care Act, Tax Issues

This afternoon the Internal Revenue Service issued IRS Notice 2016-70 extending the distribution due date for ACA reporting purposes. Specifically, the notice extends by 30 days the due date for distributing the 2016 Form 1095-B and the 2016 Form 1095-C, from January 31, 2017, to March 2, 2017.  Further, the Service has determined that no extension is needed for filing such forms with the Service.  Therefore, the due date for filing with the Service the 2016 Forms 1094-B, 1095-B, 1094-C,...Continue Reading

IRS Eases Loan and Hardship Distribution Rules for Hurricane Mathew Victims

in Qualified Plans

In Announcement 2016-39 issued on October 21, 2016, the IRS follows its long-standing practice and eases application of the qualified plan loan and/or hardship rules for those who were impacted by Hurricane Mathew.  For example, the relief allows impacted individuals to obtain a hardship distribution without the need to prove a hardship based on the types enumerated in the regulations.  Further, no post-hardship distribution contribution restrictions are required.

The relief applies to...Continue Reading

A Roadmap for the Post-Determination Letter Era

in IRS Examinations, Qualified Plans, Retirement Plans

In July of 2015, the IRS announced that it would end its regular determination letter program for individually designed plans effective January 1, 2017.  At the time of this announcement, many plan sponsors and other interested stakeholders expressed concern about how this seismic change would impact the retirement plan landscape. In several pieces of guidance issued in 2016, the IRS has answered many of the questions as to how the end of the determination letter program will impact...Continue Reading

Required Reading – New Instructions for ACA Reporting

in Affordable Care Act, Health Benefits, Tax Issues

Unlike the forms for the 2015 calendar year, the 2016 Forms 1095-C must be provided to employees by January 31 and must be submitted to the IRS electronically by March 31 (for those with under 250 forms submitting on paper, the deadline is February 28).  Newly revised forms and instructions for this purpose have just been released.  Although the forms have not changed much, the instructions have changed significantly.  The penalties for failing to file a correct form with the IRS or an...Continue Reading