ACA Reporting Deadlines Delayed
Finally the Internal Revenue Service has done something to help us rather than burden us. At the end of 2015, the IRS acknowledged some reporting issues that would make it difficult for employers to meet the reporting deadlines as currently required by the ACA. The due dates have been extended.
The initial reporting dates were January 31st (February 1, when the 31st is on Sunday) for forms 1095-C and 1095-B for employers with 50 or more (full-time and full-time equivalent) employees. It is the last day of February for other employers to file 1094-B and 1094-C. The deadlines have been extended. The new deadlines are March 31, 2016 for the 1095-C and 1095-B, and May 31, 2016 for 1094-B and 1094-C. If the 1094-B and 1094-C are filed electronically the deadline is June 30, 2016.
No Additional Extension
Normally the IRS allows individuals and employers the opportunity to request extensions, when circumstances warrant. However, this will not be the case for ACA reporting requirements this year.
IRS Notice, 2016-4 states that available extensions will not apply for the 2015 information statements since the reporting date has already been extended.
If for some reason your Church was not able to meet this deadline, the IRS encourages you to file the required forms, and they will take into consideration your efforts when determining the abatement of any penalties. There are a few factors that the IRS will favorably consider when determining if penalties are warranted.
What You Need to Do
There is no way the average Church secretary or Pastor will be able to complete these. The requirements are complex and demand a sizeable investment from employers who may be legal experts, so we can imagine the nightmare it will pose for those without formal, legal training. These forms require a tremendous amount of information if they are to be completed properly.
For those who feel they have the necessary skills to undertake the task, do not think that these due date extensions are an opportunity for you to delay action. For those attempting this on their own, I suggest that you begin now and take advantage of the allotted time to properly prepare the forms. The Internal Revenue Service may assess sizeable penalties for tardiness and improper preparation.
We Are Here for You
As the premier Church and Clergy Tax experts in the world, Chitwood & Chitwood takes pride in our ability to properly protect you from the long arm of the IRS. Why would you and your Church not do what God has called you to do – minister – and allow us to ensure your IRS compliance?
Our expert accounting and legal professionals know Church and Clergy law, and the IRS better than anyone else in the nation. We know what to do.
Please, DO NOT DELAY! Visit us at www.cmtc.org or call 800-344-0076 to retain our services, or to attend a Church Management Tax Conference in the city nearest you. You will be glad you did.
Remember, for us this is “Our Ministry – Not A Job!”
