Affordable Care Act (ACA) Tax Update There was a change to the due dates of the 2015 ACA reporting requirements for Forms 1095/1094‐C and 1095/1094‐B. The furnishing of the 1095’s to the individual employees has been extended from 2/1/16 to 3/31/16. The filing of the 1094’s and 1095’s with the IRS has been extended from: 2/29/16 to 5/31/16, if not filing electronically, and 3/31/16 to 6/30/16 if filing electronically. For individuals to complete their tax return without these documents, for 2015 only, they can rely upon other information received from employers about their offers of coverage for purposes of determining eligibility for the premium tax credit as well as to confirm they had minimum Read More...
Archives for February 2016
2015 Biodiesel and Alternative Fuel Claims
The IRS recently issued Notice 2016-05 which provides rules claimants must follow to make a one-time claim for payment of the credits and payments allowable under Sec. 6426(c), 6426(d), and 6427(e) of the Internal Revenue Code for biodiesel mixtures and alternative fuels sold or used during calendar year 2015. The notice also provided instructions for how a claimant may offset its Sec. 4081 liability with the Sec. 6426(e) alternative fuel mixture credit for 2015, and provides instructions for how a claimant may make certain income tax claims for biodiesel, second generation biofuel, and alternative fuel. Claimants that filed “protective” or anticipatory claims during 2015 for biodiesel and alternative fuel incentives should refile Read More...