IRS Releases 2017 Instructions for Forms 1094-B and 1095-B

Sovos
October 9, 2017

The IRS has released the 2017 Instructions for Forms 1094-B and 1095-B. There are a couple of changes from their respective previous revisions:

Changes to 2017 Instructions for Forms 1094-B and 1095-B

  • New Instructions
  • Paper returns filed with the IRS must be printed in landscape format
  • Penalties have increased slightly this year
  • For returns required to be made and statements required to be furnished for 2017 tax year returns, the following apply.
  • The penalty for failure to file a correct information return is $260 for each return for which the failure occurs, with the total penalty for a calendar year not to exceed $3,218,500.
  • The penalty for failure to provide a correct payee statement is $260 for each statement for which the failure occurs, with the total penalty for a calendar year not to exceed $3,218,500.

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Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As VAT and sales and use tax go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
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