Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2020 calendar year is due in early 2021. Specifically, reporting entities must:
- File returns with the IRS by March 1, 2021, since Feb. 28, 2021, is a Sunday (or March 31, if filing electronically); and
- Furnish statements to individuals by March 2, 2021.
Originally, individual statements were due by Jan. 31, 2021. However, IRS Notice 2020-76 extended the furnishing deadline. Notice 2020-76 does not extend the due date for filing forms with the IRS for 2020. It also provides additional penalty relief related to furnishing forms to individuals under Section 6055.
Which employers are affected? If an employer has at least 50 full-time employees, including full-time equivalent employees, on average during the prior year, the employer is an Applicable Large Employer (ALE) for the current calendar year, and is therefore subject to the employer shared responsibility provisions and the employer information reporting provisions.
Employco will once again handle the upcoming ACA reporting for our ALE clients at no additional cost. Please contact us with any questions related the Affordable Care Act including the reporting requirements.