Just prior to Thanksgiving, the IRS gave employers some lengthy proposed regulations to read thoroughly and finally in the end, something to be thankful for – an extension of the furnishing deadline for 2021 Forms 1095-B and 1095-C until March 2, 2022.
If the proposed regulations are finalized without change, this furnishing deadline extension will be permanent for future reporting years allowing us to avoid the “extension lookout game” we perform each year. Not all news is good news though as the IRS confirmed its plans to discontinue transitional good faith relief provided for incorrect or incomplete reporting beginning with the 2021 reporting year.
The bottom line is that filers should ensure they are prepared to timely and accurately complete reporting obligations as the IRS expects full compliance moving forward. ETC will continue to monitor these proposed rules and keep you apprised of the latest developments.