The IRS has announced electronic Affordable Care Act (ACA) information returns may continue to be filed after the filing deadline, June 30, 2016. These returns are required under Internal Revenue Code Sections 6055 and 6056, created by the ACA. Reporting entities filing 250 or more individual statements under these reporting requirements must file electronically through the ACA Information Returns (AIR) Program.
Reporting entities unable to submit all required ACA information returns by June 30, 2016, should still complete the filing of returns after the deadline. In general, penalties may apply for information returns filed late. However, the IRS will not assess penalties for late filing on reporting entities having made legitimate efforts to file information returns if they continue to make efforts and complete the process as soon as possible. In addition, penalties may be waived in some cases for reasonable cause.