Previously, the fines for failure to file were $100 per missed returns, with an annual cap of $1.5 million. Under the Trade Preferences Act passed by Congress in June 2015, the penalty for non-filers more than doubled to $250 per missed return with an annual cap of $3 million in fines. And if the failure to file is related to BOTH the payee statement and the IRS return information, the cap is DOUBLED again to $6 million.
Are you prepared to file these returns? Has the proper data been tracked for the 2015 calendar year? Contact your insurance agent and accountant today to make sure these fines don’t apply to you.
If you'd like a review of your situation, please contact Great Lakes Insurance & Financial Services Agency at 888-883-5290 or email Kinzie@GLIBrokers.com