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Monday, April 3, 2017

Miss the ACA Deadline? Here's What You Need to Do


Okay, guys the Affordable Care Act Form deadline was March 31! How many of you made it?

*Looks around like a teacher hoping all her students have their hands raised because they did the homework.*

If you didn’t, that’s okay: this isn’t actually school, so we understand things get in the way. No metaphorical principal’s office for you.

The IRS, too, can be a little understanding in these cases, but you’ll need to get to an IRS office or contact them another way. They’re lenient enough to forgive any late filing penalties IF you can prove something super serious kept you from being able to file your ACA Forms. And their leniency will go a lot farther if you’ve since filed - or are currently making efforts to file - complete, correct returns.

So, what do you need to do?

Well, unfortunately, you can’t dispute any IRS penalties until you’ve been assigned them, so just get yourself mentally prepared for that letter.

(Remember: the IRS will only initiate contact with you by postal mail. If you receive an unprompted email or phone call from the IRS saying you owe money or asking for your social security number, use discretion and contact your local IRS office immediately to verify because it’s most likely a scam.)

In the meantime, make sure to get your ACA Forms filed as quickly as possible. At this point, e-filing is pretty much the only way to go, especially since the paper filing deadline was February 28. But, no worries: e-filing is more secure, less likely to result in errors or a rejection, and is way, way faster than completing your forms on paper.

And wouldn’t you know it, IRS-authorized ACAwise is still accepting ACA filings for the 2016 tax year! So go ahead and sign up now to get those forms in ASAP!

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