On Dec. 22, 2017, the IRS issued a notice that delays the furnishing deadline for 2017 Affordable Care Act (ACA) reporting and President Donald Trump signed the tax reform bill, called the Tax Cuts and Jobs Act, into law, eliminating the individual mandate penalty beginning in 2019. This article briefly summarizes the implications of both of these actions.
IRS Delays Furnishing Deadline
The IRS’ Notice 2018-06 extends the following:
- • The due date for furnishing forms under Sections 6055 and 6056 for 2017 for 30 days, from Jan. 31, 2018, to March 2, 2018
- • The good-faith transition relief
from penalties related to 2017 information reporting under Sections 6055 and 6056
However, Notice 2018-06 does not extend the due date for filing forms with the IRS for 2017. The due date for filing with the IRS under Sections 6055 and 6056 remains Feb. 28, 2018 (April 2, 2018, if filing electronically). Read More
