"Effective January 1, 2016, each failure to file a return with the IRS is subject to a penalty of $250, not to exceed $3 million per year. Likewise, each failure to furnish a required statement to an affected individual is subject to a penalty of $250, not to exceed $3 million per year. The Trade Act also revised the maximum penalty amounts that apply when a failure is intentional, and the lower amounts that apply if a failure is timely corrected.... For 2015 only, the IRS will not impose these penalties if an ALE can show it made a reasonable, good faith effort to comply with the ACA reporting requirements, even if the reports contain incomplete or incorrect information."  MORE >>