News & Updates

  • Penalties Increased for ACA Reporting

    On June 29, 2015, the Trade Preferences Extension Act (TPEA) was signed into law.  The TPEA amended Internal Revenue Code Sections 6721 and 6722, which regulate  penalties for failing to file as well as filing incorrect or incomplete information on returns.  Specifically, these penalties apply to the 1094 and 1095 form series which must be filed in 2016. The chart below indicates the original penalty as well as the increased penalty after  the passing of the TPEA:

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      Penalties Increased for ACA Reporting