The newly-enacted Trade Preference Extension Act boosts the penalties for failing to provide accurate information returns to the IRS and payees – such as Forms W-2, 1098, and 1099, as well as Forms 1095-B and 1094-B.  The penalty under Section 6721 (reports to the IRS) and Section 6722 (reports to payees) has more than doubled, from $100 to $250 per return, up to a maximum of $3 million per year.  Although taxpayers can correct unintended mistakes within 30 days for a reduced penalty, even that reduced penalty increased from $30 to $50 per return.  The penalty is further doubled ($500 per return) if the failure is intentional.  The increased penalties apply to returns required to be filed after December 31, 2015.  The legislation also increased the amount due for corporation estimated taxes such that the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2020 shall be increased by 8 percent.  This increase in estimated taxes applies to corporations with assets of at least $1billion.