DALLAS, Nov. 29, 2016 /PRNewswire/ -- The Internal Revenue Service (IRS) has issued Notice 2016-70 extending the due date for furnishing to individuals the 2016 Form 1095-B, Health Coverage, and the 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2017 to March 2, 2017. The Notice also extends good-faith transition relief from Section 6721 and 6722 penalties that are applicable to the information reporting requirements. Treasury and the IRS have determined that there is no similar need for additional time for employers, insurers, and other providers to file these forms with the IRS by the February 28, 2017 due date, if not filing electronically, or March 31, 2017, if filing electronically.
Because of the extension granted, some individual taxpayers may not receive the Form 1095-B or 1095-C by the time they are ready to file their personal tax returns. The IRS has stated that taxpayers may rely on information provided by their employers or other coverage providers for purposes of filing their returns. Taxpayers do not need to receive Form 1095-B or 1095-C prior to filing their returns.
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
TECHNICAL INFORMATION CONTACTS:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/irs-extends-due-date-for-furnishing-forms-1095-b-and-1095-c-to-individuals-300369826.html