By Brittany Llorente
Media Marketing Associate
The IRS has released two updates over the last week that are of notice to the Payroll and HR community. We want to make sure that as you turn to us for information, that we can provide all the information we can to you in one place.
IRS issues an ACA Extension
First up is the extension granted by the IRS that gives an extended deadline.
According to the IRS, “Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of Jan. 31.
Insurers, self-insuring employers, other coverage providers, and applicable large employers must furnish statements to employees or covered individuals regarding the health care coverage offered to them. Individuals may use this information to determine whether, for each month of the calendar year, they may claim the premium tax credit on their individual income tax returns.
This 30-day extension is automatic. Employers and providers don’t have to request it. The due dates for filing 2017 information returns with the IRS are not extended. For 2018, the due dates to file information returns with the IRS are:
- Feb. 28 for paper filers
- April 2 for electronic filers”
To read the full notice, click here.
IRS Issues Mileage Update
The standard mileage rate for the use of a car has gone up one cent from last year.
Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
- 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
- 14 cents per mile driven in service of charitable organizations.
The business mileage rate and the medical and moving expense rates each increased 1 cent per mile from the rates for 2017. The charitable rate is set by statute and remains unchanged.
Click here to read the full notice.