IRS Deadlines to Prepare for in Q4 2022
For many HR professionals, quarter four is the busiest time of year. From open enrollment for employee benefits to preparing for tax season—HR has a lot of plates to keep spinning.
To stay organized and get ahead of the rush, there are several 2022 ACA deadlines coming up early in 2023 that you’ll want to start preparing for soon. Read on to learn when these deadlines are, what you need to know, and how to stay compliant as you move toward the end of the year.
Upcoming IRS Deadlines to Remember
If your organization is an ALE, or Applicable Large Employer, the biggest IRS filing deadlines to look out for are the dates surrounding form 1095-C, Employer-Provided Health Insurance Offer and Coverage. Add the following dates to your 2023 calendar now:
- March 2, 2023. By this date, you must furnish 1095-C forms to all your employees.
- February 28, 2023. If you’re filing on paper, forms 1094-C and 1095-C are due to be postmarked by the end of February.
- March 30, 2023. If you’re filing these forms electronically, this deadline gives you about an extra month to do so versus paper filing.
You’ll want to start working on these tasks early to make sure you hit both the furnish and file dates relevant to your organization.
IRS Deadline Fine Print and Extensions
There are several details to keep in mind as you plan for the upcoming tax season.
- Electronic filing is mandatory if your organization files 250 or more returns. That means if you employ at least 250 people, paper filing is not an option.
- Extensions on filing deadlines are available and easy to request. Just file form 8809, Application for Extension of Time, before the filing deadline, and you gain an extra 30 days to get your 1094-C and 1095-Cs submitted to the IRS.
- The employee distribution deadline is non-negotiable. In 2020, the IRS permanently extended this deadline to March 2, so organizations can no longer request additional time to furnish form 1095-C to their employees.
Compliance Is Key
As with many IRS regulations, requirements change frequently, and it’s crucial to remain compliant to avoid sometimes hefty penalties. These penalties include the following for 1095s:
- $280 per form for failure to furnish an accurate form to employees
- $280 per form for failure to file an accurate form with the IRS, including failure to file electronically if required
These penalties can add up quickly. For example, if your organization has 150 employees and fails to file their 1095-Cs by the March 30 electronic filing deadline, you could face a penalty of $42,000 for noncompliance.
For more key dates to look for in Q4, download BerniePortal’s free 2022 HR Calendar to help you stay up-to-date and compliant through the end of the year, and check out our BernieU course HR Guide to Compliance.
You can stay informed, educated, and up-to-date on compliance and other important HR topics using BerniePortal’s comprehensive resources:
- BerniePortal Blog—a one-stop-shop for HR industry news
- HR Glossary—featuring the most common HR terms, acronyms, and compliance
- HR Guides—essential pillars, covering an extensive list of comprehensive HR topics
- BernieU—free online HR courses, approved for SHRM and HRCI recertification credit
- HR Party of One—our popular YouTube series and podcast, covering emerging HR trends and enduring HR topics
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