New law on trade preferences doubles ACA penalties. Huh? And uh-oh!

It’s true. On June 29, 2015, the Trade Preferences Extension Act became law and, unbeknownst to many, the act included a provision to amend Internal Revenue Code sections 6721 and 6722 to increase the per-employee penalties on applicable large employers for failing to properly file ACA information returns or provide payee statements. The increased penalties will apply to Forms..

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