IRS Fines for TIN-Related Errors Could Cost Your Business Up to $250,000 in 2016

It's nearing the end of the calendar year and most businesses have undoubtedly begun the tedious process of filing tax paperwork. Unfortunately, any Tax Identification Number (TIN) and name combination errors can lead to an exuberant amount of fines from the Internal Revenue Service:

"Internal Revenue Code (IRC) section 6721 imposes a $50 penalty for information returns for each of the following infractions related to information returns:

• Filed with a missing/incorrect taxpayer identification number (TIN),
• Filed untimely,
• Filed on incorrect media,
• Filed in an incorrect format, or
• Any combination of the above"