March 31st is a big day for business owners and tax professionals all over the country. Not only do Applicable Large Employers (ALEs) need to complete their ACA reporting requirements by e-filing Forms 1095 with the IRS, but all payers must e-file Forms 1099 (excluding the 1099-NEC).
Whether you are searching for a last-minute e-filing solution for these forms or aren’t able to file them on time with the IRS, TaxBandits has options to help you file accurately and help ward off potential IRS penalties.
Here is a quick look at the March 31st deadline!
Deadline to E-file ACA Forms 1095
ACA Forms 1094-B/C and 1095-B/C must be filed by a variety of organizations, including but not limited to Applicable Large Employers (those with 50 or more employees), CPEOs, PEOs, TPAs, government agencies, and health insurance providers. Good news, TaxBandits support all ACA Forms!
Form 1095-C and 1095-B are used for ACA reporting. They report health insurance information that the IRS requires under the Affordable Care Act. This includes whether the employee or individual was offered coverage, how many months out of the year they were covered, and additional information verifying the affordability of the health coverage that was offered.
The deadline to e-file forms 1095-C and 1095-B with the IRS for the 2022 tax year is this Friday, March 31, 2023.
Deadline to E-file 1099 Series Forms
While Form 1099-MISC is no longer used to report nonemployee compensation, therefore it is no longer due on January 31st. Form 1099-NEC is used exclusively to report nonemployee compensation.
However, Form 1099-MISC is used to report all other miscellaneous payments ranging from rents to health care payments, fishing boat payments, and more.
In addition, the following 1099 forms must be e-filed with the IRS on March 31, 2023. Don’t worry, TaxBandits supports e-filing them!
If you are unable to make your deadline, you have another option. FIling an 8809 Extension will allow you an additional 30 days to complete and file your ACA Forms 1095 and 1099s. The Form 8809 is the Application for Extension of Time To File Information Returns.
This is an automatic extension, so as long as you file an accurate form on or before the deadline, in this case, March 31, 2023, the IRS will grant your extension.
Please be aware that by filing the extension Form 8809 for either Form 1099-NEC or Form W2, your extension will only be accepted under emergency circumstances. It is not automatic in this case. See line 7 of the form for more information. It is also important to note that the deadline to file W-2s and Forms 1099-NEC has passed, these need to be filed with the IRS by January 31, 2021.
You can easily file your Form 8809 with TaxBandits and get instant updates on the status of your extension. In the meantime, you can complete your Forms 1095 and 1099s in time for your extended deadline.
Sign up for free with TaxBandits or log in to your existing account today to complete your forms or file an 8809 extension and get one step closer to maintaining your IRS compliance!