Under Section 806 of the Trade Preferences Act of 2015 (Public Law No. 114-27), legislation that provides job training and aid to U.S. workers displaced by globalization and foreign trade, there’s a provision that significantly increases penalties set forth in the Internal Revenue Code for filing errors:
- The fine for filing incomplete or inaccurate information on submissions after December 31, 2015, increases to $250 per required return, with a maximum of $3 million a year.
- The fine for not filing any mandated forms increases after December 31, 2015, from $250 per required return to $500 per required return.
For more details, read our blog post.