Smart Benefits: Temporary Penalty Relief for Employers
Monday, July 25, 2016
According to the IRS, filers of Forms 1094-B, 1095-B, 1094-C and 1095-C that missed the due date will not generally be assessed late filing penalties under section 6721 if they have made legitimate efforts to register with the AIR system and file information returns, and continue to make such efforts and complete the process as soon as possible. The ACA Information Returns (AIR) system remains up and running and will continue to accept information returns.
In addition, filers assessed penalties may still meet the criteria for a reasonable cause waiver.
Paper filers who missed the May 31, 2016, paper filing deadline for ACA information returns should also complete the filing of returns as soon as possible.
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