FILE – In this Aug. 21, 2014 file photo, health care tax forms 8962, 1095-A, and 8965, are seen in Washington. The Obama administration says it’s giving employers who need more time a limited extension for critical reporting requirements next year under the federal health care law. The Treasury Department said Monday it acted after many employers complained they might not be able to get information processed in time. (AP Photo/Carolyn Kaster, File)WASHINGTON – The Treasury Department on Monday gave employers an extension of critical reporting requirements, as it seeks to manage some of the most complicated parts of the federal health care law.
Employers had previously faced deadlines in February and March to report 2015 health insurance information to their employees, and also to the IRS. If they need more time, employers can now have until March 31 to get information to their workers and until June 30 in certain cases to get details to the IRS.
“This is huge,” said Rhonda Champion, a certified public accountant and chief operating officer for PayPro, one of Chattanooga’s biggest providers of automated payroll processing and HR management programs in the region. “It’s been difficult for employers to even understand what it is they were supposed to be reporting to their employees and in some instances there are employers still trying to understand if they are even required to make such reports. Pulling all of the information together for these reports has been very time consuming and getting more time should be very helpful.”
Treasury said it acted after many employers complained they might not be able to get the information processed in time. Companies that rely on outside vendors were running into a bottleneck.
“It’s a limited extension to make the system work as smoothly as possible,” said Treasury senior adviser Mark Iwry. The extension also applies to health insurance companies facing similar reporting requirements.