The deadline for sending out 1095 forms to your employees has been extended by roughly 5 weeks.
The new deadline applies to the 2018 Minimum Essential Coverage (Section 6055) and the Large Employer Shared Responsibility (Section 6056) reporting forms. The original deadline, by which forms 1095-B and 1095-C must be provided to employees, was January 31. Now, you have until March 4 to get these forms distributed.
Remember, this extended deadline only applies to the date by which you must send 1095 forms to your employees. You must still file these forms with the IRS by February 28, if you are filing fewer than 250 paper forms, or by April 1 if filing electronically.
If your employees have already filed their taxes before receiving their forms, they won’t be required to amend their returns. However, they should file forms 1095-B or 1095-C in their records, in case they are needed later.
Who is responsible for reporting?
If you have employ fewer than 50 full-time workers and self-fund your health plan, you only need to report the Minimum Essential Coverage for employees covered by the plan (using the 1095-B). Form 1095-B will be completed and mailed out by your insurance provider.
Large employers (more than 50 full-time employees or equivalent) must complete Form 1095-C for all full-time, covered employees and their dependents.
Large employers who self-funded a health plan will use Form 1095-C for all individuals covered under that health plan.
Contact us for more information.
Yes, these regulations can get confusing. If you have any questions about the forms you need to file, please don’t hesitate to contact us. Even with the deadline extension, it is always a good idea to get started early to prevent any missteps.