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Federal Tax Day - Current,I.1,IRS Extends Filing Deadlines, Penalty Relief for Health Coverage Reporting Forms (Notice 2019-63),(Dec. 3, 2019)

Dec 3, 2019 10:08:03 AM

Health insurance providers (including employers and health insurance companies) now have until March 2, 2020, to provide individuals with Forms1095-B, Health Coverage, or Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage. This is a 30-day extension from the original due date of January 31, 2020.

Comment: The due dates for employers and insurers to file 2019 information returns with the IRS are not extended.

Employers and providers must furnish Forms 1095-B and 1095-C to employees or covered individuals regarding the health care coverage offered to them. The forms may help recipients determine whether they may claim the premium tax credit on their income tax returns. However, taxpayers do not have to file these forms with their returns. They may prepare and file their returns before they receive their Forms 1095-B or 1095-C.

Comment: This blanket extension of the filing deadline means that the IRS will not respond to any requests for 30-day extensions that employers and providers have already filed.

Penalty Relief: The IRS also extended transition relief from late-filing penalties for reporting entities that can show they made good faith efforts to comply with reporting requirements for both individual statements and information returns that have missing or inaccurate taxpayer identification numbers and dates of birth, as well as other required information. In determining good faith, the IRS will take into account whether an employer or other coverage provider made reasonable efforts to prepare for reporting and providing the required information. Employers and providers that cannot file timely forms should still file the overdue forms as soon as possible, because the IRS will take the late forms into account in determining whether to abate the late-filing penalties.

Request for Comments: The IRS has requested comments as to whether an extension of the due date for furnishing statements to individuals under Code Sec. 6056, and an extension of good-faith reporting relief under Code Sec. 6056, would be necessary for future years and, if so, why. Taxpayers and reporting entities are requested to submit comments electronically via the Federal eRulemaking Portal at www.regulations.gov. Alternatively, taxpayers and reporting entities may mail comments to: Internal Revenue Service Attn: CC:PA:LPD:PR (Notice 2019-XX) Room 5203 P.O. Box 7604 Ben Franklin Station Washington, D.C. 20044.

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