Employee Benefits and Executive Compensation
July 2, 2015
President Obama signed into law the Trade Preferences Extension Act of 2015. Neatly tucked away in the “Offsets” provision of the Act are sizeable increases in the dollar amounts of the penalties under Internal Revenue Code sections 6721 and 6722. The new provisions apply to information returns and statements required to be filed after December 31, 2015 (i.e., returns for payments made this year)—so the cost for failing to file or filing incorrectly just got more expensive.