Tax Forms

Year End Reporting: Be Prepared to Start Early this Year

  • Tax

Yes, it’s only July but this year it will be in your best interest to start planning now for year-end reporting.  As part of the PATH Act of 2015, W-2s, 1099s, and Affordable Care Act (ACA) forms will be due to the IRS and the Social Security Administration (SSA) by January 31, 2017, regardless of filing on paper or electronically.

While the January 31 deadline for providing forms to employees hasn’t changed, the new deadline for reporting to the government comes several months earlier than usual in some cases, depending on the form. For tax years 2015 and prior, the reporting deadline to the IRS and SSA had been either the end of February or the end of March if filing electronically.

Forms required by the ACA are affected as well and have the same January 31, 2017 deadline. Applicable large employers and employers with self-funded health insurance plans are required to provide employees with an annual statement detailing the employer’s health offer coverage, done on Form 1095-B or 1095-C.  ACA forms for 2015 were due to employees January 31, 2016 (although employers were given an extension to March 31, 2016) and the related forms were due to the IRS on June 30 of this year. However, forms will be due to employees and to the IRS by January 31 for the 2016 reporting year and beyond.

In the coming months we will provide more information on this topic and additional tips for staying on top of the early deadline.  Click here to contact us with any questions.