Deadline extended for providing 2020 group medical plan participant information statements
The IRS has extended the deadline for employers to provide participants in their group medical plans with their 2020 individual participant information statements.
Under the Affordable Care Act (ACA), employers that are “applicable large employers” (generally, those with 50 or more full-time employees/full-time equivalent employees in the previous year) that maintain a group medical plan, as well as employers of any size that maintain a self-insured group medical plan, are required to file information returns with the IRS and to provide related individual information statements to plan participants.
Under existing regulations, for each calendar year, the deadline for the participant statements is the following Jan. 31, and the deadline for the IRS filing is the following Feb. 28 (March 31 if filed electronically). The regulations also provide for an available automatic 30-day extension for the IRS filing deadline (by filing Form 8809, “Application for extension of time to file information returns”), as well as a conditional 30-day extension available for both deadlines upon a showing of good cause.
In recently issued Notice 2020-76, the IRS announced that for purposes of the 2020 ACA employer reporting requirements:
- The Jan. 31, 2021, participant information statement deadline is extended to March 2, 2021, and there will be no additional extensions available.
- The Feb. 28/March 31, 2021, IRS information return deadline is not extended; however, the automatic and conditional 30-day extensions will continue to be available.
Dana Fried, JD, LLM, Managing Director, National Tax Services
516.417.5064
Related Services
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
-
InsightFiscal Responsibility Act addresses debt ceiling, adjusts allocations, IRS fundingShayne ByrneThe Fiscal Responsibility Act will cap some spending over the next two years and rescind some of the $80 billion in IRS funding provided by the Inflation Reduction Act of 2022. Learn more.
-
InsightNew IRC Section 174 can affect all taxpayersTravis Butler, Scott Ibbotson, Tim MorrisonThe new Section 174 law has far-reaching implications for companies conducting qualified research and/or have experimental expenditures. Read more.
-
InsightRethinking tax accounting methods: 4 key change typesRichard Shevak, Travis Butler, Tim MorrisonOptimizing your company’s tax accounting methods can help you avoid IRS risk or defer tax payments. Read about 4 top change types and their benefits.
-
InsightBefore you file an estate tax return, here’s what to consider to maximize proceedsDonald NimeyIn some cases where assets’ value declines after the date of death, it may be possible to maximize proceeds with an alternative date. Learn more.