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Changes announced for businesses and ACA reporting forms

Business owners all across Atlanta are likely familiar with the changes that the Affordable Care Act brought for both employers and employees in regard to tax filing and penalties. Since the ACA was put into place, most employers have been required to either offer or provide minimum essential coverage for employees, depending on the size of a company.

You may assume that you know what you need to do and what penalties exist if you have been through this process before when filing your 2014 tax returns for your business. However, every year can bring new complications and questions, especially when there are changes made. This year, for example, business owners should be aware of a couple important changes affecting ACA coverage and taxes.

One change business owners may welcome is announcement that the IRS, Congress and the Treasury Department have extended the deadlines for certain requirements. Employers are required to provide forms detailing the ACA coverage provided to employees, but instead of having to do this by Feb. 1, employers are being given an extra two months.

Further, the deadline for reporting this same information to the IRS has been pushed back three months from the current Feb. 29 and March 1 deadlines.

However, while this gift of time may come as a great relief to employers across Georgia, the fact is the clock is still ticking. You still need to prepare tax information by a deadline, and waiting too long to get started or failing to meet reporting requirements can make your situation more complicated and stressful.

In the event that an issue does arise and your business gets penalized or audited for report failings or missed deadlines, it can be crucial that you consult a legal representative to discuss your options.

Source: Accounting Today, "Tax Changes to Watch for This Tax Season," Michael Cohn, Jan. 15, 2016

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.