IRS extends 1095 furnishing deadline and good faith effort standard
On Friday, Nov. 18, the IRS released Notice 2016-70, which automatically extends the deadline for 1095 employee fulfillment by 30 days, and also reinstitutes the “good faith effort” standard that applied last year. Though this announcement essentially extends the same benefits employers were granted last year, the extension is shorter and does not apply to the filing deadlines.
Paper and electronic filings will still be due on their original deadlines, Feb. 28, 2017 and March 31, 2017, respectively.
Employers may be breathing a sigh of relief at the extended leniency, but they should still continue gathering the required data and fulfilling their ACA compliance requirements. This morning we shared a little bit more about what the IRS extension means for employers with CPA Practice Advisor. Check out my article for more details on the announcement and recommended next steps.