USA: Alliant Compliance Fast Facts

The following information was provided by Alliant, Asinta’s partner in the United States.

ACA Reporting Deadline for Electronic Filers was June 30, 2016

It is important to note the following:

· The AIR system will continue to accept information returns filed after June 30, 2016. In addition, clients can still complete required system testing after June 30, 2016.

· If any transmissions or submissions were rejected by the AIR system, clients have 60 days from the date of rejection to submit a replacement and have the rejected submission treated as timely filed.

· If you submitted and received “Accepted with Errors” messages, you may continue to submit corrections after June 30, 2016.

The IRS is aware that some filers are still in the process of completing their 2015 filings. As is the case for other information returns, penalties may be associated with the submission of the ACA information returns for failure to timely file required returns. However, the IRS has publicly stated that filers that miss the June 30, 2016, due date will not generally be assessed late filing penalties if the reporting entity has made legitimate efforts to register with the AIR system and to file its information returns, and it continues to make such efforts and completes the process as soon as possible.

PCORI Reminder
It is close to time to pay the Patient-Centered Outcomes Research Institute (PCORI) fee. This fee is required to be reported and paid once a year to the IRS by July 31. This year the deadline is August 1, 2016 because the deadline is pushed back to the next business day when the due date falls on a Saturday, Sunday, or legal holiday. IRS Instructions for Form 720 provide for directions on completing the form (see page 9). See our Fees FAQ for more information.

Thanks again to Alliant for providing us with this content.