The last eight months have been a whirlwind of ACA bills, defeats, votes, proposals, more defeats, etc. If you’re like most of the customers we are hearing from, you’re confused about how to prepare for ACA filing for 2017. The short answer is that ACA filing laws still apply for tax year 2017. Essentially, all of the ACA filing news you’ve been hearing this year has resulted in no significant changes.
The IRS has released a couple of documents in the last few months supporting this. Information Letter 2017-0013 and Information Letter 2017-0017 basically say that, for 2017, individuals must have minimum essential coverage and Applicable Large Employers must offer minimum essential coverage. In other words, the ACA laws are still applicable for 2017.
The other item that is addressed in both letters is the Executive Order that the President signed on January 20, 2017 directing federal agencies to exercise authority and discretion permitted to them by law to reduce potential burden imposed by the ACA. In these letters it does indicate that the Executive Order does not change the law; the legislative provisions of the ACA are still in force until changed by Congress, and taxpayers remain required to follow the law and pay what they may owe.
It’s coming, sooner than before:
For the first time, unless an extension is issued, 1095 forms need to be sent (postmarked) to recipients on or before January 31, 2018. This will be the earliest deadline since 1095 forms were required in 2016. I recommend you prepare for a busy January. Last year the deadline for filing Forms W-2 and 1099-MISC (box 7) to the federal agencies was moved to January 31. Many states have also followed suit, requiring filing by the end of January. Couple those deadlines with the earlier 1095 recipient deadline and you’re in for a busy January!
Stay with Greatland for the latest:
As we have in the past, we’ll continue to update you when we hear more information. If any deadlines are changed or we hear of any developments, we’ll contact you first! In the interim, if you have any questions, please reach out to your Greatland Account Manager.
Janice Krueger, CIRS/CPRS
Subject Matter Expert
Janice Krueger currently serves as Subject Matter Expert of Greatland Corporation, a leading provider of W-2, 1099 and 1095 filing solutions to businesses and the accountants who serve them. She has over 30 years of experience in offering compliance expertise as it relates to W-2 and 1099 reporting and most recently 1095 reporting. She provides guidance to the Internal Revenue Service, the Social Security Administration, and state agencies in areas of form design, specification development, and filing and processing systems.
Janice has been a member of the National Association of Computerized Tax Processors (NACTP) since 1988 and has served on the NACTP Board since 1991. She was the Chairperson of the Government Liaison Committee for 13 years. To ensure that the needs of payroll software developers and providers were being met, she was instrumental in forming the Payroll and Information Reporting Committee in 2003. She has served as chairperson of that committee for the past 14 years.
Janice holds Bachelor of Arts degrees in Business Administration (Management) and Leisure Services from Wartburg College in Waverly, IA.