ACA Year-End Reporting Deadline Extended to March 2, 2018

GRAND RAPIDS, Mich., Feb. 23, 2018 /PRNewswire/ -- Now entering its third year, there is no denying the looming deadline for Affordable Care Act tax reporting. Greatland Corporation is offering some last-minute insights about who needs to file, what tools can help and status of final deadlines. 

Greatland Corporation, a leading expert on ACA compliance, is reminding businesses that they have until March 2, 2018 to file forms 1095-C and 1095-B to recipients/employees, which is a 30-day extension from the original due date. Businesses have until April 2, 2018 to e-file 1095 forms to the IRS, but must heed the federal paper filing deadline of Feb. 28, 2018.

The ACA was originally passed and implemented by President Obama in 2010 and mandated that employers with at least 50 full-time employees or FTEs (full-time equivalents) must provide affordable health coverage to employees or face financial penalties. Starting in 2015, the ACA began to affect tax reporting by requiring many employers and insurers to file 1095 forms.

• Form 1095-B?Health Coverage
  Insurers and self-insured employers that provide health plans are required to report data on all covered employees. These providers must furnish individuals with Form 1095-B.

• Form 1095-C?Employer-Provided Health Insurance Offer and Coverage
  This form requires information such as whether the employee was offered coverage, for which months and the employee's share of the lowest-cost monthly premium for self-only minimum value coverage. A large employer with a self-insured plan is only required to submit Form 1095-C, as the information in Form 1095-B can be included in Form 1095-C.

Businesses often struggle with the completion of Lines 14-16 on Form 1095-C, the form used to provide employees with information about their medical benefits. In fact, this section causes so much confusion, that many businesses opt to pay high fees for a third party to calculate the required codes for them. Luckily, Greatland's ACA compliance experts created a free ACA Code Generator that allows businesses to complete this critical step on their own while utilizing the company's Yearli software to effortlessly file forms.

Because extensions this year, 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. Some information on these forms may assist in preparing a return, the forms are not necessary to file. Taxpayers can prepare and file their returns using other information about their health coverage and do not need to wait for Forms 1095-B or 1095-C to file.

Greatland is advising employers to take note of the extensions, but to file early to better ensure compliance, avoid penalties and ensure individuals receive information in a timely manner. Greatland was one of the first companies in the nation to become IRS-certified to process and file ACA reporting forms for its clients and is fully equipped to help navigate clients through this year of ACA filing.

To make sure your business has all of the accurate information needed, you can find a full list of federal and state filing regulations on Greatland's news website.

About Greatland
Greatland (www.greatland.com) is the W-2, 1099 & 1095 specialist, focused on providing information, products, and solutions for small to mid-size businesses and accountants.  Greatland helps customers navigate annual reporting changes, including extensive expertise about ACA reporting. Through Greatland's subsidiaries ? Greatland, Nelco, and Broker Forms ? the company offers an extensive array of specialized products for businesses: W-2 forms, 1099 forms, 1095 forms, W-2 and 1099 software, online filing, business checks, presentation materials, income tax preparation supplies, and mortgage forms.  Greatland also offers Yearli, a comprehensive W-2 and 1099 reporting software and online filing platform. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis. Follow us on Facebook or Twitter: @GreatlandCorp

Contact:       Lauren Dantonio 
                      Lambert, Edwards & Associates 
                      [email protected] 
                      616-233-0500

SOURCE Greatland Corporation