The IRS published final regulations that provide an automatic extension of time for health providers to furnish individuals with statements regarding their minimum essential coverage.
The Patient Protection and Affordable Care Act requires an annual provision of a 30-day extension beyond the statutory deadline of Jan. 31 for providing these information statements to employees and other covered individuals.
The final regulations also provide an automatic extension of time for “applicable large employers” (ALEs) — generally employers with 50 or more full-time employees, including full-time equivalent employees — to furnish statements relating to health insurance that ALEs offer to full-time employees.
Additionally, the final regulations provide an alternative method for a reporting entity to timely furnish Forms 1095-B to responsible individuals in years when the individual shared-responsibility payment amount is zero. Learn more.