Clients may have delay in receiving 1095 Bs & Cs

[jklcpa]

IRS has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals.   Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of Jan. 31.   Insurers, self-insuring employers, other coverage providers, and applicable large employers must furnish statements to employees or covered individuals regarding the health care coverage offered to them. Individuals may use this information to determine whether, for each month of the calendar year, they may claim the premium tax credit on their individual income tax returns.

This 30-day extension is automatic. Employers and providers don’t have to request it. The due dates for filing 2017 information returns with the IRS are not extended. For 2018, the due dates to file information returns with the IRS are:

• Feb. 28 for paper filers
• April 2 for electronic filers

Because of these extensions, individuals may not receive their Forms 1095-B or 1095-C by the time they are ready to file their 2017 individual income tax return. While information on these forms may assist in preparing a return, the forms are not required to file. Taxpayers can prepare and file their returns using other information about their health coverage. They do not have to wait for Forms 1095-B or 1095-C to file.

[Edsel]

What's their excuse this time?  These giant insurance companies have known for five years they had to do this.  Emphasized in BOTH my CPE seminars this year was that taxpayers MUST have their 1095s in hand before filing a return.  Now Judy passes on the information that these huge insurance companies have been left off the hook again.

We have historically known that large institutions (corporate, govt, educational, even religious) escape enforcement from the IRS, but this delay is ridiculous and without excuse.

[Jack from Ohio]

55 minutes ago, Edsel said:

What's their excuse this time?  These giant insurance companies have known for five years they had to do this.  Emphasized in BOTH my CPE seminars this year was that taxpayers MUST have their 1095s in hand before filing a return.  Now Judy passes on the information that these huge insurance companies have been left off the hook again.

We have historically known that large institutions (corporate, govt, educational, even religious) escape enforcement from the IRS, but this delay is ridiculous and without excuse.

Nothing new here.  Besides, the IRS is not verifying 1095-B or 1095-C.  I am not getting all excited about complying when the IRS gives their blessing  to groups not to comply.

The IRS IS verifying 1095-A, just as they have for the last 2 years.