Daily Tax Update - December 28, 2015: Treasury, IRS Extend Due Dates for 2015 ACA Reporting Requirements for Employers

Treasury, IRS Extend Due Dates for 2015 ACA Reporting Requirements for Employers:  Treasury and the IRS announced in Notice 2016-4 that the due dates for information reporting for employers under the ACA have been extended.  The due dates for employers to file with the IRS the 2015 Form 1095-B, Health Coverage (and the 1094-B transmittal), and the 2015 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage (and the 1094-C transmittal), were extended from February 29, 2016 to May 31, 2016, if not filing electronically, and from March 31, 2016 to June 30, 2016, if filing electronically.  The due date for providing the information statements to individuals is extended from February 1, 2016 to March 31, 2016. 

DTU IN DEPTH

Work Opportunity and New Markets Tax Credits Extended in Omnibus/Tax Extenders Legislation:  Two business tax credits, the Work Opportunity Tax Credit and the New Markets Tax Credit, are among the tax provisions extended when the omnibus spending and tax extender legislation was passed by Congress and signed into law on December 18.  For more in-depth coverage, click here.