Furnishing Deadline Delayed for
2017 ACA Reporting
On Dec. 22, 2017, the Internal Revenue Service (IRS)
issued Notice 2018-06
the due date for furnishing forms under Sections 6055 and
6056 for 2017 for 30 days, from Jan. 31, 2018, to March
2, 2018; and
good-faith transition relief from penalties related to 2017 information reporting
under Sections 6055 and 6056.
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).
The IRS is encouraging reporting entities to furnish
statements as soon as they are able. No request or other
documentation is required to take advantage of the extended
To view the full article, including action steps and
other issues, click
Individual Mandate Repealed for 2019
On Dec. 22, 2017, President Donald Trump signed into
law the tax reform bill, called the Tax
Cuts and Jobs Act, after it passed both the U.S. Senate
and the U.S. House of Representatives.
This tax reform bill makes significant changes to
the federal tax code. The bill does not impact the majority of
the Affordable Care Act (ACA) tax provisions. However, it does
reduce the ACA's individual shared responsibility (or individual
mandate) penalty to zero, effective beginning in 2019.
As a result, beginning in 2019, individuals will no
longer be penalized for failing to
obtain acceptable health insurance coverage.
Although the tax reform bill eliminates the ACA's
individual mandate penalty, this repeal does not become effective
As a result, individuals continue to be
required to comply with the mandate (or pay a penalty) for 2017
and 2018. A failure to obtain acceptable health insurance coverage
for these years may still result in a penalty for the individual.
the full article, including action steps and other issues, click