What happens if I file my 2005 CAIS harmonized form after September 30, 2006?
If you do not submit your 2005 CAIS harmonized form by the September 30 deadline, under new rules you now have until December 31, 2006 to submit your form. However, your CAIS payment will be reduced by $500 for each month (or part of the month) late. If the penalty amount is greater than your payment amount, your CAIS payment will be reduced to zero. The remainder of the reduction will not be applied to any other program year.
