6055 and 6056 Reporting
Good news! On Monday, 12/28/2015, the Internal Revenue Service (IRS) released Notice 2016-4, which announces an extended deadline for carriers and Applicable Large Employers (ALEs) regarding reporting required by IRC Sections 6055 and 6056.
| Extended 2015 Information Reporting Deadlines
|
|||
| Reporting Requirement
|
IRC Section | Old Deadline | New Deadline |
| Distribution to Covered Individuals by Carriers (Fully insured plans) & Employers of all sizes (Self-insured plans)
|
6055 | 2/1/2016 | 3/31/2016 |
| Paper Submission to IRS by Carriers (Fully insured) & Employers of all sizes (Self-insured) |
6055 | 2/29/2016 | 5/31/2016 |
| Electronic Submission to IRS by Carriers (Fully insured) & Employers of all sizes (Self-insured) |
6055 | 3/31/2016 | 6/30/2016 |
| Distribution to Employees by Applicable Large Employers (ALEs)
|
6056 | 2/1/2016 | 3/31/2016 |
| Paper Submission to IRS by Applicable Large Employers (ALEs)
|
6056 | 2/29/2016 | 5/31/2016 |
| Electronic Submission to IRS by Applicable Large Employers (ALEs) | 6056 | 3/31/2016 | 6/30/2016 |
Previously announced automatic extensions of time for filing information returns with the IRS (via Form 8809) or permissive extensions of time for furnishing copies of statements to employees will not apply to those who use these extended due dates.
Employers and carriers that do not comply with these extended due dates are subject to reporting penalties. However, employers and carriers that do not meet the extended due dates are still encouraged to furnish and file; the IRS will take such furnishing and filing into consideration when determining whether to abate penalties for reasonable cause.
Click here to review these reporting penalties.
Click here to read the complete IRS Notice 2016-4
