The IRS recently issued proposed regulations providing an automatic 30-day extension of the January 31st due date for furnishing Forms 1095-B and 1095-C to individuals, as required for compliance with the Affordable Care Act. In prior years, the IRS granted similar relief for employers to provide these forms to individuals; however, the proposed regulations would make this extension permanent, beginning with reporting due for the 2021 tax year. Consistent with prior IRS guidance, the proposed regulations do not extend the due date to file Forms 1094-B, 1095-B, 1094-C, or 1095-C with the IRS, which are due by February 28th (March 31st if filed electronically). In addition, the proposed regulations eliminate the good-faith transition relief from penalties that apply for incorrect or incomplete information reported on those forms, as furnished to individuals or filed with the IRS, for the 2021 tax year and subsequent years.
The proposed regulations are available here.