It will be a welcome relief for many - allowing employers additional time to review outcomes and drastically reduce the number of 1095 statements that might require subsequent corrective action.
Dallas, TX (PRWEB) December 29, 2015
To the relief of many employers and industry professionals, the IRS announced an extension of the ACA reporting and filing deadlines for the 2015 tax year. The individual 1095-C (offer of coverage) and 1095-B (health coverage) has been extended from February 1, 2016 to March 31, 2016, and submission of the electronic 1094-C /1094-B employer transmittals from March 31, 2016 to June 30, 2016. For the complete IRS release please see https://www.irs.gov/pub/irs-drop/n-16-4.pdf.
“While this delay may be frustrating to some,” said Craig Firestone, CEO of UnifyHR “it will be a welcome relief for many - allowing employers additional time to review outcomes and drastically reduce the number of 1095 statements that might require subsequent corrective action.”
“This also provides insurers extra time to produce the health plan eligibility and enrollment data for employers that has proven problematic for so many organizations,” says Chris Heinefield, Chief Operations Officer for UnifyHR. “The additional time for those brokers and consultants who accepted responsibility for a portion of their client’s calculations, such as affordability, is also beneficial,” says Heinefield.
Like many in the industry UnifyHR welcomes this extension and will use this time to work with its customers to closely audit and review outcomes to ensure regulatory compliance for the best possible results.
UnifyHR is a provider of cloud-based ACA compliance administration for medium to large-sized organizations. UnifyHR's comprehensive solution enable its clients to manage their workforces more effectively. UnifyHR's solution help drive strategic human capital decision-making and improve overall employee staffing and management capabilities of its clients. For more information visit http://www.unifyhr.com.
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