The President has signed a bill called the Trade Preferences Extension Act which contains a payroll provision. The act increases the Affordable Care Act information return and payee statement penalties. Effective for information returns and pay statements furnished after 2015, the penalty for failure to file will increase from $100 to $250 per statement. The maximum penalty for all failures during the calendar year will increase from $1.5 million to $3 million. Penalties for late filings have also increased. However the penalties do not apply for inconsequential errors, de minimis failures or failures due to reasonable cause.