There's an ACA Deadline This Month! Are You Ready?

As some of ExpressIRSForms’s regular readers may already know, May marks the first month ever with an OFFICIAL IRS DEADLINE FOR ACA FORMS.

This particular deadline was first set to occur at the end of February, following in line with the 1099 and W-2 deadlines to which we’re all accustomed. But since the IRS felt everyone (themselves included) needed a little more time to understand their ACA reporting and get it in order, they extended each deadline by 2-3 months, giving filers more time to prepare.

So while we’ve already had an ACA deadline this year (back on March 31 with the recipient copies), what we haven’t had is a firm, official ACA deadline for filing with the IRS. Until now.

Your recipient copies, due out by March 31 this year and by January 31 in future years, are good practice for getting the IRS copies of your documents correctly filed the first time through (because they’ll need to be correct for your recipients to make any use of them). They’re not, however, a good example of a hard deadline because unless a recipient reports their 1095 missing or not delivered with the IRS, you’re not really held accountable for getting them out on time.

But, seriously, you might want to make sure that doesn’t happen because you could incur some hefty fines, and the IRS will have to launch an investigation into all of your ACA reporting to ensure you’re compliant with the new laws.

If you’re late on this month’s deadline, you can still get a little bit of a break. May 31 is the paper filing deadline (typically it’ll be February 28/29), but the e-filing deadline isn’t until June 30. Since the IRS doesn’t know/care whether you paper file, you’re welcome to e-file if it’s getting close to May 31 and you’re nowhere near ready.

Okay, so that was a bit of a stretch: the IRS does care if you paper file. They care if you e-file. But what the IRS really cares about is if you don’t do either, which you can read about in our ACA penalties blog so we can get back to the matter at hand.

If you do intend to paper file, make sure that 1) you don’t have more than 250 of any one form (1095-B, 1095-C) to file and 2) you have them signed-sealed-delivered on time:

1. Like W-2s, 1099s, and most other IRS information returns, if you have more than 250 forms to file, the IRS requires you e-file them. Which, is kind of a bonus anyway, because it’ll take a lot less time to e-file 250 forms than paper file them, and you get more time to do it!
2. If there’s a chance your paper documents will be late, go ahead and plan to e-file. Most ACA e-filing companies (ExpressIRSForms and our affiliates, ExpressACAForms and ACAwise, included) can help you get your e-forms filled out and submitted based on the information you’ve already gathered. In other words, don’t worry if you miss the May 31 deadline; we’ve got your back on this.

If you have any questions about getting started e-filing your ACA forms (or while in the middle of e-filing them, or even after they’re submitted), you can always reach out to ExpressIRSForms’s friendly, US-based customer support team. We’re available Monday through Friday, 9:00 a.m. to 6:00 p.m. EDT, by phone (704-684-4751) and live chat (www.ExpressIRSForms.com). You can also send us an email anytime at support@ExpressIRSForms.com.

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Tomorrow's Another Tax Deadline...Are You Ready?

Tomorrow’s a big day for the IRS and, quite possibly, a big day for you! That’s because March 31, 2016, is the deadline for not one, not two, but three types of 2015 IRS tax forms: 1099s, W-2s, and ACA Forms.

Now, personal income tax filers of these forms - if you happen to have stumbled upon this blog - tomorrow’s not your deadline; that’s not until April 18 (April 19 in Maine and Massachusetts). Tomorrow is the deadline for businesses and other payers to complete their copies of the 1099s and W-2s and e-file them with the IRS. It’s also the deadline to have all ACA Forms 1095-B and 1095-C postmarked and sent to the appropriate recipients.

If you are a business owner and this is all news to you, well sit back and pay attention, because we’ve got a few things to go over:

What’s Due and By When?

• Form 1099: If you have to file 1099 forms (of any kind) for your payees, these must be e-filed by 11:59 p.m. (your time) on March 31, 2016.
• Form W-2: If you need to file W-2 forms for your employees, these must be e-filed by 11:59 p.m. (your time), March 31, 2016.
• ACA Forms: If you have to report health insurance coverage offered to your employees or recipients, the recipient copies must be postmarked and mailed out on March 31, 2016.

Are There Any Penalties for Filing Late?
Is the pope Catholic?

But, in some seriousness, it’s the IRS, so of course there are penalties for filing late. For 1099 and W-2 forms, depending on when you get your corrected forms filed determines your total penalty:

• $50 per form if you file correctly within 30 days of the due date, with a maximum penalty of $532,000 per year ($186,000 for small businesses)
• $100 per form if you file correctly after 30 days but before August 1, with a maximum penalty of $1,596,500 per year ($532,000 for small businesses)
• $260 per form if you file after August 1 or not at all, with a maximum penalty of $3,193,000 per year ($1,064,000 for small businesses)

You may also incur a penalty by filing your forms on paper, even if your forms are in by tomorrow. Since the paper filing deadline was February 29, any paper forms filed now are considered late, so you must e-file by March 31 to have your forms in on time. If you’ve never e-filed before, there’s no need to alert the IRS you’re doing so now.

As for the ACA forms, this year only, the IRS is forgiving any late filing penalties as long as you can prove you made every effort to file on time. Next year, you won’t be so lucky. Also, next year, this deadline will be moved back up to its original date, January 31, and your ACA forms must be e-filed by March 31 (just like the 1099s and W-2s).

What Can I Do to Make Sure I’m Not Late?
If you’re not sure you’ll be able to get your 1099s and W-2s in on time, you can e-file Form 8809 with ExpressIRSForms. Form 8809 is an IRS extension form used for 1099s, W-2s, and various other information returns. If you e-file this, you’ll get an automatic 30 day extension to e-file your forms. And if you end up not using it, you won’t be penalized for having filed one.

As for your ACA forms, just make sure to have them postmarked by tomorrow. If you don’t think you’ll be able to do that, you can have ExpressIRSForms do it! Just make sure you get in your postal mailing order by 5:00 p.m. EDT tomorrow so we can guarantee it’s postmarked on the 31st. Although the IRS won’t know these forms are late unless one of your recipients reports not having gotten theirs, it’s important to get these out sooner rather than later since your recipients need them to complete their tax returns.

What If I Have More Questions?
That’s what our friendly and helpful support team is here for! We’re here until 6:00 p.m. EDT today to answer any phone calls (704-839-2270) and chats coming in, then we’ll come back tomorrow at 9:00 a.m. and stay as late as we need to help you get your filing complete. You can also utilize our 24/7 support email by sending in your question to support@expressirsforms.com.

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Ace Adventures: A Confusing Deadline

Ace, standing tall at his podium, began to address the crowd that started to gather ‘round.

“By the last day of this month,” Ace continued, “you must mail the recipient copies of your 1095-Bs and 1095-Cs to all applicable recipients.

“For my ALEs, that means, uh… That means…” Ace trailed off.

“Well? What does it mean??” A voice from behind Ace questioned.

“And I’ve taken everything you know about the March 31st deadline right out of that thing in your head you call a brain,” Confusion said as she broke into another fit of evil laughter, and Ace fell to his knees in soon-to-be defeat.

“Hey, wait!” called a voice from the crowd. “I know about that! Wasn’t Ace talking about it earlier this year?”

“Oh, yeah,” began another bystander. “The recipient deadline that’s usually going to be when all the other forms are due to payees or employees. You know, like the 1099s and W-2s.”

“Right,” continued the first crowd member, “and if you offer your employees healthcare coverage throughout the year, this is the form you report that to the IRS on!”

“Wait, how did you know that?!” Confusion exclaimed. “My spell should still be clouding your mind!”

“Oh, it’s not your fault, Confusion,” Ace said as he stood up. “I’m sure it’s an excellent spell. But you can’t keep this brain down for very long. No, not with all of my brain exercises.

“But your most fatal mistake was made when you decided to attack me here. For knowledge can be shared more easily than you think, especially when one chooses to speak up.

“Thank you, citizens. I couldn’t have done it without you! As for you, Confusion, be gone. Your spread of ignorance is not welcome here!”

Don’t have time to mail your forms? Select the postal mailing option when you e-file your 1094s and 1095s with ExpressIRSForms and we’ll send them out for you! And if you need help e-filing your ACA forms, give us a call. We’re available Monday through Friday from 9:00 a.m. to 6:00 p.m. EST at (704) 839-2270. We also offer 24/7 email support at support@ExpressIRSForms.com.

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Ace Adventures: The Countdown Begins

Welcome, reader, to another exciting installment of The Adventures of Ace, the World’s First E-filing Superhero!

Ace has gathered the citizens of ExpressIRSForms in Town Square for a very special announcement. Towering behind him is a new clock, which seems to be counting down to March 31st.

“By the end of this month,” Ace continues, “you’ll need to have sent out your 1095-B or 1095-C forms to your recipients and/or employees to be compliant with the ACA and IRS’s extended deadline for these forms.”

“What do you mean by an extended deadline?” yells a member of the crowd.

“Since this is the first year the ACA forms are required to be filed, the IRS decided to give filers a little extra time to learn how to file their ACA forms. They extended the recipient deadline for the 2015 tax year - which is what we file in this, the year of 2016 - from January 31 to March 31. Similarly, they changed the paper filing deadline for the IRS copies from February 28/29 to May 31 and the e-filing deadline for IRS copies from March 31 to June 30.”

“Wait, so I have to file more than one copy of these forms?” questions another citizen.

Ace, sensing he was losing them, decided to try a comparison technique in his explanation.

“Just like how when you run a business and pay employees or contractors, you have to report to the IRS and your employee/contractor on a 1099 or W-2, you now have to do the same thing for anyone you provide health insurance to. Or anyone you offer to provide health insurance to. So like your 1099 or W-2, the 1095-B or 1095-C forms you file with the IRS will be a copy of the same form you send to your recipients.”

“Yeah, I was wondering,” began another crowd member, “I’ve got a lot of recipients. Is there some, like, program or something that’ll help me mail them out? Or mail them out for me?”

“You betcha!” Ace replies. “In fact, I was just about to tell you about them! You see, if you file with my sidekicks over at www.ExpressIRSForms.com, you can e-file your ACA forms with the IRS and also have them send your recipient forms for you, saving you a lot of time as well as a trip to the post office. Plus, you don’t have to worry about any of those other deadlines because your forms have already been filed by the IRS. You could be done filing a full three months early!”

“And speaking of time,” Ace continues, “I’m running out of it. It’s back to protecting the city from mayhem for me, back to filing those ACA forms for you citizens!”

You can get in touch with one of Ace’s sidekicks by phone (704-839-2270) or live chat (www.expressirsforms.com) Monday through Friday, 9:00 a.m. to 6:00 p.m. We’re also available 24/7 at support@expressirsforms.com.

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