Are You Ready For The March 2 ACA Deadline?
When it comes to ACA reporting, recipient copies can be daunting. A LOT of work and even more paper goes into completing and printing them.
It may be tempting to push the recipient copy deadline to the back of your mind. After all, these forms don’t actually go to the IRS. That is true, but it is a BIG misconception that they are any less important than other aspects of ACA reporting.
As a matter of fact, these recipient copies are crucial. You can file an extension when it comes to reporting to the IRS, but there is no way of putting off your recipient copies without accumulating penalties.
There are so many myths buzzing around when it comes to taxes, let’s dispel a few of the misconceptions surrounding recipient copies.
Myth #1: “I have until March 31, 2021, that gives me PLENTY of time.”
Nope. Not true. This thinking will almost guarantee that you receive an IRS penalty.
There are actually 3 deadlines that you need to worry about…
- March 2, 2022 (Recipient Copy deadline)
- February 28, 2022 (Paper filing deadline)
- March 31, 2022 (E-file deadline)
If you are planning on paper filing, please reconsider. There are serious benefits to E-filing! Keep in mind that the IRS encourages reporters to E-file, E-filing will ensure you a quicker turnaround on your filing status, and you’ll save a tree or two.
If you are E-filing (which you should do), your forms must be completed by March 2, 2022. That gives you less than “plenty” of time.
Myth #2: “I can get an extension…”
Like most misconceptions, this one is based on a little bit of truth. You CAN get an extension, but NOT for your recipient copies.
You can file an extension Form 8809 for the Forms that you are transmitting electronically to the IRS on March 31, but you’re on the hook for those Forms 1095-C or 1095-B that go out to your employees no matter what.
Myth #3: “Of course I can print my recipient copies myself.”
Have you ever heard that saying, “Just because you can, doesn’t mean you should.”?
Well, it’s true when it comes to printing your own Forms 1095-B or 1095-C. Depending on the size of your organization, that could end up being HUNDREDS of papers or more!
Spare your printer and yourself the stress, find an E-file provider that offers a print/mail solution. TaxBandits is an IRS authorized e-filer, we ensure that all of your recipient copies make it to their destination without error.
Myth #4: “I can begin my Forms 1095-B/1095-C a few days before the deadline, how hard can they be?”
These words will lead you down a stressful path! The ACA Forms are complicated, you will need more than a few days to “throw” them together.
If you haven’t started these forms yet, begin today. The sooner you begin them, the better.
TaxBandits software is designed for simplicity, with an easy to follow the interview-style process. We can help you verify the data in your forms and handle your recipient copies for you.
Get started with TaxBandits today, and e-file your 1095-B and 1095-C Forms for as little as $1.99 a form!