Regional Vice President of Sales The Retirement Plan Company
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AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Loan & Distribution Specialist AimPoint Pension
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Text of IRS Notice 2020-76: Transition Relief Related to Health Coverage Reporting Required by Sections 6055 and 6056 for 2020 (PDF)
Internal Revenue Service [IRS] [Official Guidance] Oct. 2, 2020 10 pages. "This notice extends the due date for certain 2020 information-reporting requirements under sections 6055 and 6056 of the Internal Revenue Code from January 31, 2021, to March 2, 2021. This notice also provides relief from the section 6721 and section 6722 penalties for certain aspects of the 2020 information-reporting requirements under sections 6055 and 6056.... "The Treasury Department and the IRS have determined that a substantial number of employers, insurers, and other providers of minimum essential coverage need additional time beyond the January 31, 2021, due date to gather and analyze the information and prepare the 2020 Forms 1095-B and 1095-C to be furnished to individuals. Accordingly, this notice extends the due date for furnishing the 2020 Forms 1095-B and 1095-C, from January 31, 2021, to March 2, 2021. In view of this automatic extension to March 2, 2021, the provisions under Sections 1.6055-1(g)(4)(i)(B)(1) and 301.6056-1(g)(1)(ii)(A) allowing the IRS to grant an extension of time of up to 30 days to furnish Forms 1095-B and 1095-C will not apply to the extended due date.... Notwithstanding the extension provided in this notice, employers and other coverage providers are encouraged to furnish 2020 information statements as soon as they are able." |
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