Tax Penalties to Increase in 2016

Hard as you try, there may be times when information returns such as W2s contain some incorrect data.  Be warned that legislation has been signed that will double practically all of the penalty amounts for incorrectly filed information returns effective January 1, 2016.

  • The penalty for each form is to increase from $100 to $250, with the maximum total annual penalty increasing from $1.5 million to $3 million. 
  • If the return to be filed with IRS is corrected within 30 days, the penalty will increase from $30 to $50, with the maximum total annual penalty increasing from $250,000 to $500,000. 
  • The penalty for forms corrected by August 1 will increase from $60 to $100, with the maximum total annual penalty increasing from $500,000 to $1.5 million.

Doubling the penalty amounts is a powerful incentive to file the correct information the first time, on time.

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Director of Human Resources and Operations Lisa Fontaine, Integrated Rehabilitation Services

You really know your stuff and take the time to explain all aspects of the system, even things that we may not be using right now.