Global | Publication | November 18, 2016
The Internal Revenue Service (“IRS”) has extended the deadline for furnishing some, but not all, 2016 information reports required by the Patient Protection and Affordable Care Act (“ACA”).
In IRS Notice 2016-70, the IRS extended the deadline for furnishing to individuals 2016 Forms 1095-B and 1095-C from January 31, 2017 to March 2, 2017. These forms provide information to individuals about offers of health coverage and coverage provided. The IRS also extended the good faith transitional relief penalties related to these 2016 information-reporting forms.
However, the IRS did not extend the deadlines for filing the 2016 Forms 1094-B, 1095-B, 1094-C and 1095-C with the IRS. The deadline for filing these forms with the IRS remains February 28, 2017, if not filed electronically, or March 31, 2017, if filed electronically. The IRS did not change the provisions regarding automatic extensions of time for filing certain returns, which remain available.
In light of the recent election, the fate of the ACA remains unclear. However, companies are encouraged to continue compliance with the law while it remains in effect.
Read the full text of IRS Notice 2016-70 here.
Publication
The US Supreme Court has ruled that a “pure omission” under Item 303 of Securities and Exchange Commission Regulation S–K cannot give rise to a private action for securities fraud under Section 10(b) and Rule 10b-5(b) of the Securities Exchange Act of 1934.
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