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Significant Penalties Exist for Information Reporting Failures

IRS Electronic Filing Deadline is April 2

With the April 2 deadline to electronically file Forms 1094 & 1095 with the 
Internal

Revenue Service (IRS) approaching, employers are reminded that failing to comply

with these information reporting requirements may result in significant penalties.


These penalties are as follows:
1. Employers that fail to file correct information returns with the IRS and
furnish

    correct payee statements are generally subject to a $260 penalty for each return

    for which such failure occurs, with a maximum annual penalty of over $3 million.

2. Employers that file correct returns and furnish correct statements on or before

    30 days after the required filing date are generally subject to a $50 penalty for

    each return for which such failure occurs, with a maximum annual penalty of

    over $500,000.


Employers that file correct returns and furnish correct statements beyond 30 days after the required filing date but on or before August 1, 2018 are generally subject to a $100 penalty for each return for which such failure occurs, with a maximum annual penalty of over $1 million.
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