Penalties Increased for Section 6055 and Section 6056 Reporting Violations
On June 29, 2015, President Obama signed the Trade Preferences Extension Act of 2015 into law, which increases penalties for the failure to file correct information returns or to provide individual statements under either Section 6055 or Section 6056. These changes are effective for information returns and individual statements required to be filed or provided after Dec. 31, 2015. The attached Health Care Reform Bulletin provides the increased penalty amounts, as well as action items for employers.
Please contact your Stellar representative with further questions regarding this information.