When it comes to ACA reporting, recipient copies can be daunting. A LOT of work and even more paper goes into completing and printing them.
It may be tempting to push the recipient copy deadline to the back of your mind. After all, these forms don’t actually go to the IRS. That is true, but it is a BIG misconception that they are any less important than other aspects of ACA reporting.
As a matter of fact, these recipient copies are crucial. You can file an extension when it comes to reporting to the IRS, but there is no way of putting off your recipient copies.
There are so many misconceptions buzzing around when it comes to taxes, let’s dispel a few of the myths surrounding recipient copies.
“I have until March 31, 2020, that gives me PLENTY of time”
Nope. Not true. This thinking will almost guarantee that you receive an IRS penalty.
There are actually 3 deadlines that you need to worry about…
February 28, 2020 (Paper filing deadline)
March 2, 2020 (Recipient Copy deadline)
March 31, 2020 (E-file deadline)
If you are planning on paper filing, please reconsider. There are serious benefits to E-filing! Keep in mind that the IRS encourages reporters to E-file. When you file electronically you are notified of the status of your forms sooner. This will give you more time to file corrections.
If you are E-filing (which you should do), your forms must be postmarked by March 02, 2020. That gives you less than “plenty” of time.
“I can get an extension…”
Like most misconceptions, this one is based on a little bit of truth. You CAN get an extension, but NOT for your recipient copies.
You can file an extension Form 8809 for the Forms that you are transmitting electronically to the IRS on March 31, but you’re on the hook for those 1095-C’s or 1095-B’s that go out to your employees no matter what.
“Of course I can print my recipient copies myself”
Have you ever heard that saying, “Just because you can, doesn’t mean you should.”?
Well, it’s true when it comes to printing your own 1095-B’s or 1095-C’s. Depending on the size of your organization, that could end up being HUNDREDS of papers!
Take some advice from the experts, find an ACA Reporting Provider that offers a print/mail solution! ACAwise handles all of your recipient copies so that you don’t have to. That means you can spare your printer and yourself the stress! You don’t have to worry about trips to the post office either.
Don’t trust your printer…trust ACAwise!
“I can begin my 1095-B’s or 1095-C’s a few days before the deadline, how hard can they be?”
These words will lead you down a VERY stressful path! The ACA Forms are complicated, you will need more than a few days to “throw” them together.
If you haven’t started these forms yet, start today. The sooner you begin them, the sooner you will know if you have bitten off more than you can chew. If you get overwhelmed, you can call in an expert.
The codes for these forms are complex, and it is often best to have them generated by an expert. ACAwise offers this Complete ACA Reporting service, we generate all your codes, populate all your forms, e-file it with the IRS…that means VERY little work on your end!
Unless you or someone on your team has extensive experience with ACA reporting, call in an expert to help you guarantee your compliance.
ACA penalties can be HUGE. If you file late or file forms with errors, you could be fined up to $270 a form…that adds up quickly.
Don’t risk being on the hook for a massive IRS penalty, reach out to an expert at ACAwise today. We offer easy, accurate filing and your peace of mind.