The IRS recently released the final instructions for Forms 1094/1095-C and 1094/1095-B for the 2022 reporting year. With these final instructions, employers and insurers have all the IRS documents needed to complete the 2022 reporting.
The 2022 final instructions mostly mirror the draft instructions that were released in October. For more information about the draft instructions and general purposes of Forms 1094-B/C and 1095-B/C, see the article published in the October 25, 2022, edition of Compliance Corner.
The key change from prior years, and the draft instructions, is that the deadline for furnishing Forms 1095-B/C to individuals is permanently extended. Employers must distribute Forms 1095-B or 1095-C to individuals by March 2, 2022, instead of the original January 31, 2022, deadline (see our article in this edition of Compliance Corner). Keep in mind that the deadlines for employers to file the forms with the IRS remain the same. For filing by mail, the deadline is February 28, 2023, and the electronic filing deadline is March 31, 2023.
The good faith penalty relief for incorrect or incomplete information was eliminated permanently with the 2021 reporting year. Therefore, employers should focus on accuracy and thoroughly completing the forms. The penalty for failure to provide a correct form or statement in 2022 increased by $10 to $290 per form/statement.
Aside from the two changes noted above, the forms should be familiar to employers who have filed them in prior years. Employers should be aware of the updated forms and instructions headed into this next reporting year.
2022 Instructions for Forms 1094/1095-B » 2022 Instructions for Forms 1094/1095-C »
PPI Benefit Solutions does not provide legal or tax advice. Compliance, regulatory and related content is for general informational purposes and is not guaranteed to be accurate or complete. You should consult an attorney or tax professional regarding the application or potential implications of laws, regulations or policies to your specific circumstances.
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