Did you know there is a $250 fine per day, per form that is late or incomplete?
Click here to find out how much you could be fined for noncompliance.
Number of Full-Time Employees:
Number of Days Filed Late or Incomplete Forms Submitted:
The fines were recently increased and are now as follows:
1. In general, the penalty for failure to file an information return on or before the required filing date or for filing forms with incomplete or inaccurate information will increase from $100 to $250;
2. the maximum total amount of penalties allowed in a calendar year for an employer increased from $1.5 million to $3 million; and
3. if there is intentional disregard to file the required forms, the aforementioned $250 fine will double to $500 and the $3 million maximum amount will cease to exist, meaning no cap will remain for that calendar year.
Additionally, the penalty for failure to file and properly furnish Form 1095-C to both the IRS and individual employees also will double from $250 to $500.
As a large employer you are subject to employee-coverage rules beginning January 1, 2015 and should be using the standard measurement period to determine your full-time employees in 2014.
Disclaimer: This calculator is intended to keep interested parties informed of legal developments for educational purposes and does not reflect your specific situation. It is not intended as legal opinion and should not be substituted for legal or tax advice. Fines levied will be the lesser of the two, not cumulative.