July 2015 Health Care ReformPosted on: July 14, 2015Categories: HR & Compliance
Penalties Increased for Section 6055 and Section 6056 Reporting Violations
Effective for returns and statements filed in 2016, the Trade Preferences Extension Act of 2015 significantly increases the penalties for violations of the Section 6055 or Section 6056 reporting requirements.
• Signed into law on June 29, 2015, the Trade Preferences Extension Act of 2015 increases the penalties for reporting entities that fail to comply with Section 6055 or 6056 reporting.
• The increased penalties take effect for returns and statements filed in 2016.
• Short-term relief from penalties is available in certain limited circumstances.