GRAND RAPIDS, Mich, Dec. 29, 2015 /PRNewswire/ -- Greatland, a leading expert on Affordable Care Act (ACA) requirements, today notified the business community that the U.S. Department of Treasury and the IRS have issued deadline extensions for 2015 ACA reporting. The changes primarily relate to the filing of IRS Form 1095-B, Health Coverage, and IRS Form 1095-C, Employer-Provided Health Insurance Offer and Coverage.
Greatland is advising employers to take note of the extensions, but to continue preparations as if the deadlines had not been extended, in order to better ensure compliance and avoid penalties. Greatland was one of the first companies in the nation to become IRS-certified to process and file ACA reporting forms for its clients.
The IRS has issued a two-month extension for employers and issuers to provide individuals with forms reporting on offers of health coverage and coverage provided. The new deadline is March 31, 2016.
The deadlines for reporting this information to the IRS (by paper or electronically, respectively) are extended by three months to May 31 and June 30.
This is the first year that employers and insurers must file Form 1095 to remain in compliance. Though the extension has been issued, Greatland Corporation urges business to file data as soon as it is ready, do not wait to file.
"Waiting until the last minute can lead to failure to file, even with additional time to fill in the data," said Bob Nault, Greatland's CEO. "Failure to file 1095 forms for the 2015 tax year could be very costly for businesses. We know the new requirements are complex and can be extremely confusing. This is why Greatland has been equipped since May to answer any ACA related questions and ready with a wealth of resources to help businesses complete filing on time."
The IRS has indicted it remains prepared to begin accepting ACA reporting in January, but due to feedback from businesses and insurers, it has decided to give additional time to complete necessary forms for this first year. This extension is intended to give employers and providers a chance to gather data, report information and report it correctly. It is important to note that reporting is still required for 2015 and the IRS implemented the extension to help those who might need more time. Greatland's Yearli products will also support Form 1095 corrections to allow users to file corrected forms if mistakes are made.
Greatland offers an abundance of resources to protect your business from penalties and help you understand how to remain in compliance for tax year 2015. If you need further help or filing resources, visit Greatland's website.
Greatland (www.greatland.com) is the W-2 and 1099 specialist, focused on providing information, products, and solutions for small to mid-size businesses and accountants. Greatland helps customers navigate annual reporting changes, including extensive expertise about ACA reporting. Through Greatland's subsidiaries – Greatland, Nelco, and Broker Forms – the company offers an extensive array of specialized products for businesses: W-2 forms, 1099 forms, 1095 forms, , business checks, presentation materials, income tax preparation supplies, and mortgage forms. Greatland also offers Yearli, a comprehensive W-2, 1099, and 1095 reporting software and online filing platform. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis. Greatland has an extensive W-2 & 1099 fact center located on its website with answers to many of the top filing questions. Follow us on Facebook or Twitter: @GreatlandCorp
SOURCE Greatland Corporation