The Internal Revenue Service (IRS) recently announced that it is extending the due date for certain 2018 Affordable Care Act (ACA) reporting forms to be provided to employees.
In addition, the IRS notice extends “good faith transition relief” for one more year. The IRS will not penalize employers for incorrect or incomplete forms if they can show that they have made “good-faith efforts” to comply with the information-reporting requirements. According to the IRS, the relief applies to missing and inaccurate taxpayer identification numbers and dates of birth, as well as other information required on the return or statement. No relief is provided if the employer did not timely file or furnish the reports by the applicable deadlines or did not make a good-faith effort to comply.
For more information, visit the IRS website.