While the holiday season is just gearing up, the IRS has an early gift for employers. The agency has pushed back a critical Affordable Care Act (ACA) deadlinefor the fourth year in a row.
In a notice published yesterday, the IRS announced that the deadline to provide employees with the Form 1095-B has been delayed from January 31, 2019 to March 4, 2019. The forms, which outline employer-provided medical benefits, must be submitted annually by businesses with 50 or more full-time workers. The IRS uses these reports to track employer compliance.
The news marks just the latest twist for businesses affected by the healthcare law, after a series of repeal efforts in Washington. While the penalty for individuals not having insurance has been repealed with last year's tax reform law, employer mandate penalties remain in full effect for businesses.
Employers should work closely with their benefits broker or benefits administration service to meet their ACA reporting obligations ahead of the new March 4 deadline.