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ACA Reporting Transition Relief

ACA reporting transition relief

1.5 minute read

The IRS recently issued Notice 2020-76 which makes some changes to 2020 ACA reporting.

  • The due date for distributing forms under Sections 6055 and 6056 has been extended from February 1, 2021 to March 2, 2021.
  • Good-faith transition relief has been extended to those employers who have provided incorrect or incomplete information but have made good-faith efforts to comply with Sections 6055 and 6056 reporting requirements.
  • Additional penalty relief has also been given to those distributing 2020 forms to individuals under Section 6055. Employers will only need to provide Form 1095-B to covered individuals upon request.

The due date for filing forms with the IRS for 2020 is March 1, 2021 (since February 28, 2021 is a Sunday) or March 31, 2021 if you are filing electronically.

The IRS is encouraging employers to furnished 2020 statements as soon as they are able. No request or extra documentation is required to take advantage of the extended deadline. According to the IRS notice, this is the last year that the IRS will provide good-faith penalty relief, since it was intended to be transitional relief only.

Download the bulletin for more details.

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Bill Enright

Bill Enright

Bill Enright is Director of Consulting Services at National Insurance Services (NIS). He’s responsible for the management, fulfillment, and strategic direction of the full benefit consulting clients and services and the professional development of NIS full benefit consulting personnel. Bill is a 29+ year veteran in the employee benefits industry, from insurance carrier, benefit consultant, and now director. He has been published on the topics of health care reform and has served on the advisory committees and insurance lobbying groups at the state and local level. Bill served in the U.S Army Reserves as a non-commissioned officer for 11 years. He’s also involved with Special Olympics, youth sports coaching, and is a small group leader at his church.