Again this year, the IRS extended the deadline for employers to meet the Affordable Care Act (ACA) employee reporting obligations. Recipient 2020 information returns must be received by March 2, 2021, rather than January 31. The IRS must receive paper forms by February 28, and those filing electronically have until March 31.
In Notice 2020-76 announcing the extension, the IRS stated that additional relief in future years may not be granted unless comments to the IRS suggest relief should be continued. Taxpayers and reporting entities are strongly encouraged to submit comments electronically via the Federal eRulemaking Portal at www.regulations.gov (type “IRS-2020-0037” in the search field on the regulations.gov homepage to find this notice and submit comments).
The penalty for failing to file an information return generally is $100 per return, with a maximum penalty of $1.5 million.
