Tax Update Blog

IRS extends deadline for getting ACA forms to employees for 2020. 

October 2, 2020 | Blog
By Joe Kristan, CPA

The IRS today extended the January 31 deadline for getting health insurance Form 1095-B and 1095-C to employees. The new deadline is March 2.

The announcement (Notice 2020-76) comes with two warnings:

1. This is the last year the IRS will offer penalty relief for inaccurate filings when there is a good-faith effort to get it right, and

2. There is no "good-faith" penalty relief for late filing, or for not filing the forms at all.

The deadlines for filing forms with the IRS are unchanged. Those who file electronically have until March 31 to transmit their forms to the IRS; small filers eligible for paper-filing must file by March 1.

A few states have separate filing requirements. Their deadlines are not extended by the notice. 

The penalties for failing to meet the new deadlines are painful, starting at $50 per late form. They rise to $270 for non-willful late filing and $550 for late filings with "intentional disregard" for a company with 200 1095-B recipients, that means penalties start at $10,000 for being one day late.

Contact Tonya Rule or your Eide Bailly tax professional for help with your ACA compliance.

Related: Eight Steps to Affordable Care Act Compliance

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