On Oct. 2, 2020, the Internal Revenue Service (IRS) issued Notice 2020-76.
What You Need to Know About Notice 2020-76:
- The due date has been extended for furnishing forms under Sections 6055 and 6056 for 2020 from Feb. 1, 2021, to March 2, 2021; and
- It provides a final extension of good-faith transition relief from penalties related to 2020 information reporting under Sections 6055 and 6056; and
- Additionally, it provides penalty relief related to furnishing 2020 forms to individuals under Section 6055. Under this relief, employers will only have to provide Form 1095-B to covered individuals upon request.
The due date for filing forms with the IRS for 2020 remains March 1, 2021 (since Feb. 28, 2021, is a Sunday), or March 31, 2021, if filing electronically
Be sure to read the full compliance bulletin linked below. The IRS is encouraging reporting entities to furnish 2020 statements as soon as they are able. No request or other documentation is required to take advantage of the extended deadline.
According to Notice 2020-76, this is the last year that the IRS intends to provide good-faith relief from penalties since it was intended to be transitional relief only.
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If you have questions related to this update, please contact your North Risk Partners advisor. Don’t have an advisor? No problem. We’ll help you find one.
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