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 global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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