Wednesday, July 20, 2016

Missed Your ACA Deadline? Here's What You Need to Do

No one’s perfect. Unfortunately, this sometimes even applies to IRS filing deadlines.

It’s true that not everyone was able to file their Affordable Care Act return, Forms 1094 and 1095, with the IRS on time this year, despite the automatic three-month extension everyone filing received. But rather than worry about what the IRS is going to do because you haven’t filed yet, it’s time to act so that your return is only late and not missing.

This year, late filing is a little more acceptable than it will be in the future. For your 2015 return, the IRS is forgiving late filing fees if you can prove that you made good faith efforts to file timely and correctly. However, after this year, you could be charged up to $250 per form filed late depending on when, or if, you eventually file your return.

The key fact to take away here (if you haven’t filed yet this year) is to file as soon as possible after the due date you missed. This year, it shows one of those good faith efforts we talked about regarding getting your forms to the right place (in this case, the IRS). Next year (or any year after), if you’re late, filing as soon as possible will help keep your late-filing penalties lower. Think $50 per late form instead of $250.

Keep in mind that you can generally avoid these penalties by filing well before your due date, that way you have time to notice any filing mishaps that may occur. If you do file before the deadline and have to make corrections, it won’t matter if your corrections come in after the deadline since your original filing was on time.

If you haven’t already, you can sign up with ExpressACAForms today - either to e-file a late 2015 return or to get prepared for your 2016 ACA filing. And if you have any questions, don’t hesitate to give us a call Monday through Friday, 9:00 a.m. to 6:00 p.m. EDT, at (704) 839-2270, or send us an email anytime to

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