As a reminder, important deadlines for most employers are as follows:
- 2015 Forms 1095-C must be furnished to individuals by March 31, 2016.
- 2015 Forms 1095-C and Form 1094-C must be furnished to the IRS by:
May 31, 2016 if not filing electronically; and
June 30, 2016 if filing electronically.
Generally, if Forms 1094-C and/or 1095-C are incorrect and incomplete, a penalty may apply if not corrected by the due date and the employer cannot show reasonable cause. Briefly, the amount of penalties can range from $50/form with a $500,000 maximum penalty/year to $250/form with a maximum penalty of $3M/year.
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