The Department of Treasury and IRS announced Monday they are pushing back the Obamacare reporting deadlines for employers.
Companies will now have an additional three months, extending the Feb. 29 paper and March 31 electronic deadlines, to provide information on what coverage they offer and the coverage they provide their staff. An extension of the Feb. 1 deadline for businesses to provide employees with paperwork will also be extended by two months.
[dcquiz] “As part of our efforts to implement the ACA in a careful and thoughtful way, the Treasury Department and the IRS are responding to feedback from private sector businesses and insurers and providing additional time for employer and insurer reporting under the ACA for the first year,” Assistant Secretary for Tax Policy Mark Mazur said in a statement.
The agencies say most taxpayers won’t be affected by the extension.
A rule implemented this year, affecting 4 percent of employers that are required to provide insurance to full-time employees, mandates companies with 50 or more employees provide such information under the Affordable Care Act.
The administration extended the deadline for individuals to sign up earlier this month, the Chicago Tribune reports.
Congressional Republicans plan to send legislation that unravels both the individual and employer mandates to the president’s desk at the start of 2016.
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