Not Gone Yet: IRS Updates FAQs on ACA Reporting Obligations
The IRS has updated and expanded its FAQs for employers regarding ACA reporting obligations and the employer mandate provisions. The updates appear throughout nearly all of the FAQs on the website. Further, the IRS has extended the deadline for providing coverage forms to individuals to March 2, 2017 (from January 31). The deadline for filing returns with the IRS remains the same: February 28 for paper filers and March 31 for electronic filers. The release can be found here.
The IRS recently updated and expanded the employer Q&As with more answers to employers’ questions about ACA information reporting requirements and shared responsibility provisions:
- Information Reporting by Employers on Form 1094-C and Form 1095-C
- Employer Shared Responsibility Provisions Under the Affordable Care Act
- Reporting of Offers of Health Insurance Coverage by Employers
IRS Issues 600+ Pages of FATCA Guidance; No Relief for Brokers
Treasury and the IRS issued 600+ pages of FATCA and withholding tax guidance last week, including many technical changes. Unfortunately, no relief on key issues for brokers was provided. Treasury and the IRS did not include an exemption for p/c premiums. They also declined to extend the exclusion for “foreign-to-foreign” payments and to provide any guidance on the sourcing of insurance premiums. A complete copy of the new guidance can be found here.
Deadline Extended for Small Captive Reporting Requirement
The IRS has extended the deadline for reporting on certain captives’ transactions by 90 days, to May 1, 2017. The initial rule issued on Nov. 1, 2016, Notice 2016-66, required reporting on certain captive transactions by Jan. 30, 2017. A summary of the requirements imposed by the original Notice can be found here.
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