On November 18, 2016, the IRS released Notice 2016-70, addressing insurer and employer reporting requirements under Sections 6055 and 6056 of the Internal Revenue Code. The primary impact of the notice is to extend the due date for providing employees with copies of Affordable Care Act (ACA) information returns. Furthermore, the notice provides relief to insurers and employers from certain penalties that would otherwise apply for returns containing incorrect or incomplete information.
Read more from OMA counsel, Bricker & Eckler. 11/29/2016