IRS Finalizes Deadline Extension for Furnishing ACA Statements

On Dec. 12, 2022, the IRS released a final rule that extends the annual furnishing deadlines for Sections 6055 and 6056 reporting under the Affordable Care Act (ACA). This rule finalizes guidance that was proposed by the IRS in December 2021 with minor clarifications. Specifically, the rule:

Finalizes the 30-day automatic extension to the due date for furnishing statements to individuals under Sections 6055 and 6056.

Confirms the availability of an alternate method for furnishing statements to individuals under Section 6055 for every year in which the individual mandate penalty is zero.

The due date for filing forms with the IRS under Sections 6055 and 6056 remains unchanged. This means that forms must generally be filed with the IRS each year by Feb. 28 (or March 31, if filing electronically).

Due to the 30-day automatic extension, employers have until March 2 (or March 1 in a leap year) to furnish ACA statements.The deadline for furnishing statements for the 2022 calendar year is March 2, 2023.

Also, because the individual mandate penalty is zero, employers with self-insured plans that are subject to reporting under Section 6055 may use the alternate method of furnishing statements to individuals. With this method, an employer must post a clear and conspicuous notice on its website stating that responsible individuals may receive a copy of their statement upon request. Employers must furnish statements within 30 days of when they are requested. For 2022 statements, this website notice must be posted by March 2, 2023, and must generally remain posted through Oct. 17, 2023.