Breaking News IRS Penalties for incorrect W-2, Form 1099 nes just doubled
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Breaking News: IRS Penalties for incorrect W-2, Form 1099s just doubled
It’s True – Google it – the IRS just doubled penalties for Form 1099 Non Compliance. 2016 IRS 1099’s are due in just a few days. IRS Law requires every EIN is validated. Relax. We have your Solution. Tax Season headaches just got easier.
Why it matters
Noncompliance just got more expensive. A provision of the Trade Preferences Extension Act signed into law by President Barack Obama in late June increased the penalties under the Internal Revenue Code Sections 6721 and 6722 for returns and statements filed after December 31, 2015. The penalty provisions for Forms W-2 and 1099 jumped 150 percent: from $100 for a single incorrect return to $250, with the annual cap also Why it matters
Non-compliance just got more expensive. A provision of the Trade Preferences Extension Act signed into law by President Barack Obama in late June increased the penalties under the Internal Revenue Code Sections 6721 and 6722 for returns and statements filed after December 31, 2015. The penalty provisions for Forms W-2 and 1099 jumped 150 percent: from $100 for a single incorrect return to $250, with the annual cap also doubled to $3 million from $1.5 million. For intentionally failing to file a return, the amount rose from $250 to $500. Of course, because there are two filing requirements for employers—returns must be filed with the Internal Revenue Service pursuant to Section 6721 while Section 6722 applies to returns that must be provided to employees—the actual cost of a single incorrect form will cost an employer $500. Employers should ensure that their filings are on time and accurate or face a steep price.
Fines have been doubled to $3 million from $1.5 million. For intentionally failing to file a return, the amount rose from $250 to $500. Of course, because there are two filing requirements for employers— returns must be filed with the Internal Revenue Service pursuant to Section 6721 while Section 6722 applies to returns that must be provided to employees—the actual cost of a single incorrect form will
cost an employer $500. Employers should ensure that their filings are on time and accurate or face a steep price.
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