The ACA reporting deadline is tomorrow! That means that the IRS expects you to electronically file all of your Form 1095s by midnight. There has been a lot going on in the world recently, but the IRS has not given any indication that this deadline will be moved.
If your business is struggling to complete your ACA Forms this year, that is totally understandable. Many businesses are experiencing a difficult time, so the team at ACAwise is here to remind you that you still have options. Accumulating late filing penalties isn’t the only option that you’re stuck with. Here is some last minute advice to avoiding penalties.
File An Extension
If you know that you can’t realistically meet your deadline, your best option is to file an extension. The extension that applies to your ACA form 1095s is the Form 8809 extension. Keep in mind that you must file this form by midnight tomorrow in order for the IRS to grant you an extension.
The extension Form 8809 will buy you some time, but not much. Unlike some extensions that are for additional months of time, the Form 8809 extension will only give you an additional 30 days to file your ACA Forms.
However, when compared to penalties, an additional 30 days to file is still extremely helpful. The good news is that this extension is pretty simple to attain. It is an automatic extension that can be filed electronically within minutes. The IRS won’t require you to justify or provide any reasoning for your extension. Instead, you will be able to get instant IRS approval.
If you are interested in getting an extension for your ACA Forms, we recommend that you file with our sister product, ExpressExtension. You can get instant IRS approval for your automatic extension. If your extension is rejected for any reason, you are able to re-transmit for free!
Use Your Additional Time To Find A Solution…
If you have limited experience with ACA reporting, you should definitely consider seeking out the help of an expert. The cost that you could accrue in IRS penalties is high enough to justify the costs associated with a professional service.
The experts at ACAwise can help you complete your ACA reporting in time for your extended deadline.
If nothing else, be sure that your ACA reporting provider is an IRS authorized e-file provider, without this credential, they are unable to transmit your forms to the IRS. Your Ideal ACA reporting provider will have an in-house ACA expert to advise you throughout the process. You should also consider whether form corrections and state filing are supported.
You are giving this provider your sensitive data! Be sure that they are able to handle it properly and professionally. If you have a high volume of data, your provider must be equipped for large scale reporting. Ask where your data is being stored, is it a secure server? Do you need your ACA codes generated? Not all providers will have this capability.
If you missed the deadline to distribute your recipient copies by March 2, 2020, you will need a provider who can handle this for you.