IRS Electronic Filing Deadline is April 2: Significant Penalties Exist

IRS Electronic Filing Deadline is April 2

With the April 2 deadline to electronically file Forms 1094 & 1095 with the Internal Revenue Service (IRS) approaching, employers are reminded that failing to comply with these information reporting requirements may result in significant penalties. These penalties are as follows:

• Employers that fail to file correct information returns with the IRS and furnish correct payee statements are generally subject to a $260 penalty for each return for which such failure occurs, with a maximum annual penalty of over $3 million.
• Employers that file correct returns and furnish correct statements on or before 30 days after the required filing date are generally subject to a $50 penalty for each return for which such failure occurs, with a maximum annual penalty of over $500,000.
• Employers that file correct returns and furnish correct statements beyond 30 days after the required filing date but on or before August 1, 2018 are generally subject to a $100 penalty for each return for which such failure occurs, with a maximum annual penalty of over $1 million.

The NARFA Team continues to help our members with compliance, making us a true partner. Please contact us to learn more about other filing deadlines and how NARFA can help your business remain stable.

For almost 90 years, NARFA has united businesses in the automotive, roads, fuel, and related industries. The result is a powerful association with buying power for employee benefits programs, and much more.

Learn more about our programs, and get in touch with us to join our “power in numbers.”