IRS Provides Transition Relief for 2020 ACA Reporting
The IRS recently issued Notice 2020-76 to:
Extend the due date for furnishing forms under Sections 6055 and 6056 for 2020 from February 1, 2021, to March 2, 2021.
Provide a final extension of good-faith transition relief from penalties related to 2020 information reporting under Sections 6055 and 6056.
Provide additional penalty relief related to furnishing 2020 forms to individuals under Section 6055. Under this relief, employers will only have to provide Form 1095-B to covered individuals upon request.
The due date for filing forms with the IRS for 2020 remains March 1, 2021 (since February 28, 2021, is a Sunday), or March 31, 2021, if filing electronically.
The IRS is encouraging reporting entities to furnish 2020 statements as soon as they are able. No request or other documentation is required to take advantage of the extended deadline.