Information return penalties on the rise again for 2018 — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Information return penalties on the rise again for 2018

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in Office Management,Payroll Management

The IRS is now required to adjust information return penalties every year, instead of once every five years. For 2018, penalties for failing to file correct W-2s, 1095s and 1099s or to provide recipients with correct statements, increase as follows:

  • The penalty for filing correct forms within 30 days remains $50. The calendar year maximums increase to $547,000, from $536,000, and to $191,000, from $187,500 for small employers
  • The penalty for filing correct forms after the 30-day deadline, but by Aug. 1, remains $100. The calendar year maximums increase to $1,614,000, from $1,609,000, and to $547,000, from $536,000 for small employers
  • The penalty for failing to file correct forms after Aug. 1 increases to $270, from $260. The calendar year maximums increase to $3,282,500, from $3,218,500, and to $1,094,000, from $1,072,500 for small employers
  • The minimum penalty for a failure to file due to an intentional disregard of the filing requirements increases to $540, from $530. (Rev. Proc. 2017-58, IRB 2017-45)

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