Your team has just received more than an extra month to get one critical year-end return into employees’ hands. IRS just announced proposed regulations to grant an automatic extension for employee copies of Forms 1095-B and 1095-C.
Those forms would now be due March 2.
And no need to wait until the regs are finalized to follow them – IRS clarified you can take advantage of the extension right away.
Which is good news since we’re already into December. Last year, the Service extended deadlines much earlier.
At such a busy time of the year, this longer window will be welcome news for your finance staffers.
Even better news: This is likely the last time your company has to play the “will they won’t they” guessing game about whether IRS will extend this deadline.
The proposed rules include making this a permanent automatic extension for Form 1095-B and 1095-C. We’ll keep you posted.
What’s new this year
Back on Sept. 22, 2021, IRS released the draft 1095-C instructions; the draft of the form itself has been out since May 24, 2021.
They both provide a list of codes, including those added for individual coverage health reimbursement arrangements: 1T and 1U.
Note: Codes 1V-1Z remain reserved for future use.