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26 U.S. Code § 6721 - Failure to file correct information returns | U.S. Code | US Law | LII

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• U.S. Code
• Notes

In the case of a failure described in paragraph (2) by any person with respect to an information return, such person shall pay a penalty of $250 for each return with respect to which such a failure occurs, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $3,000,000.

any failure to include all of the information required to be shown on the return or the inclusion of incorrect information.

the penalty imposed by subsection (a) shall be $50 in lieu of $250, and

the total amount imposed on the

for all such failures during any calendar year which are so corrected shall not exceed $500,000.

the penalty imposed by subsection (a) shall be $100 in lieu of $250, and

the total amount imposed on the

for all such failures during the calendar year which are so corrected shall not exceed $1,500,000.

there is a failure described in subsection (a)(2)(B) (determined after the application of

) with respect to such return, and

such failure is corrected on or before August 1 of the calendar year in which the

occurs,

for purposes of this section, such return shall be treated as having been filed with all of the correct required information.

one-half of 1 percent of the total number of

required to be filed by the

during the calendar year.

there are 1 or more failures described in subsection (a)(2)(B) relating to an incorrect dollar amount,

no single amount in error differs from the correct amount by more than $100, and

no single amount reported for tax withheld on the

differs from the correct amount by more than $25,

then no correction shall be required and, for purposes of this section, such return shall be treated as having been filed with all of the correct required information.

Subparagraph (A) shall not apply with respect to any incorrect dollar amount to the extent that such error relates to an amount with respect to which an election is made under section 6722(c)(3)(B).

The Secretary may issue regulations to prevent the abuse of the safe harbor under this paragraph, including regulations providing that this paragraph shall not apply to the extent necessary to prevent any such abuse.

subsection (a)(1) shall be applied by substituting “$1,000,000” for “$3,000,000”,

subsection (b)(1)(B) shall be applied by substituting “$175,000” for “$500,000”, and

subsection (b)(2)(B) shall be applied by substituting “$500,000” for “$1,500,000”.

A person meets the gross receipts test of this paragraph for any calendar year if the average annual gross receipts of such person for the most recent 3 taxable years ending before such calendar year do not exceed $5,000,000.

For purposes of subparagraph (A), the rules of paragraphs (2) and (3) of section 448(c) shall apply.

subsections (b), (c), and (d) shall not apply,

in the case of a return other than a return required under section 6045(a), 6041A(b), 6050H, 6050I, 6050J, 6050K, or 6050L, 10 percent of the aggregate amount of the items required to be reported correctly,

in the case of a return required to be filed by section 6045(a), 6050K, or 6050L, 5 percent of the aggregate amount of the items required to be reported correctly,

the amount of cash (within the meaning of

) received in such transaction (or related transactions) to the extent the amount of such cash does not exceed $100,000, or

in the case of a return required to be filed under section 6050V, 10 percent of the value of the benefit of any contract with respect to which information is required to be included on the return, and

the $3,000,000 limitation under subsection (a) shall not apply, and

such penalty shall not be taken into account in applying such limitation (or any similar limitation under subsection (b)) to penalties not determined under paragraph (2).

In the case of any failure relating to a return required to be filed in a calendar year beginning after 2014, each of the dollar amounts under subsections (a), (b), (d) (other than paragraph (2)(A) thereof), and (e) shall be increased by an amount equal to such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year determined by substituting “calendar year 2011” for “calendar year 2016” in subparagraph (A)(ii) thereof.

is not less than $75,000 and is not a multiple of $500, such amount shall be rounded to the next lowest multiple of $500, and

is not described in subparagraph (A) and is not a multiple of $10, such amount shall be rounded to the next lowest multiple of $10.

(Added

,

,

; amended

,

,

;

,

,

;

,

,

;

,

,

;

–(f),

,

, 2562;

,

,

;

–(d),

,

, 417;

, (d),

,

, 3077;

,

,

;

, title IV, § 401(a)(299)(F),

,

, 1198.)

For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.

Editorial Notes

2018—Subsec. (c)(3)(A)(iii). Pub. L. 115–141, § 101(f)(2), substituted “the information return” for “any information return”.

Subsec. (f)(1). Pub. L. 115–141, § 401(a)(299)(F), inserted “an amount equal to” after “increased by” and “for the calendar year” after “section 1(f)(3)”.

2017—Subsec. (f)(1). Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”.

2015—Subsec. (a)(1). Pub. L. 114–27, § 806(a), substituted “$250” for “$100” and “$3,000,000” for “$1,500,000”.

Subsec. (b)(1)(A). Pub. L. 114–27, § 806(b)(1)(A), (B), substituted “$50” for “$30” and “$250” for “$100”.

Subsec. (b)(1)(B). Pub. L. 114–27, § 806(b)(1)(C), substituted “$500,000” for “$250,000”.

Subsec. (b)(2)(A). Pub. L. 114–27, § 806(b)(2)(A), (B), substituted “$100” for “$60” and “$250” for “$100”.

Subsec. (b)(2)(B). Pub. L. 114–27, § 806(b)(2)(C), substituted “$1,500,000” for “$500,000”.

Subsec. (c). Pub. L. 114–113, § 202(d)(1), substituted “Exceptions for certain de minimis failures” for “Exception for de minimis failures to include all required information” in heading.

Subsec. (c)(1). Pub. L. 114–113, § 202(d)(2), substituted “Exception for de minimis failure to include all required information” for “In general” in heading.

Subsec. (c)(3). Pub. L. 114–113, § 202(a), added par. (3).

Subsec. (d)(1)(A). Pub. L. 114–27, § 806(c)(1), substituted “$1,000,000” for “$500,000” and “$3,000,000” for “$1,500,000”.

Subsec. (d)(1)(B). Pub. L. 114–27, § 806(c)(2), substituted “$175,000” for “$75,000” and “$500,000” for “$250,000”.

Subsec. (d)(1)(C). Pub. L. 114–27, § 806(c)(3), substituted “$500,000” for “$200,000” and “$1,500,000” for “$500,000”.

Subsec. (e)(2). Pub. L. 114–27, § 806(d)(1), substituted “$500” for “$250”.

Subsec. (e)(3)(A). Pub. L. 114–27, § 806(d)(2), substituted “$3,000,000” for “$1,500,000”.

2014—Subsec. (f)(1). Pub. L. 113–295 substituted “In the case of any failure relating to a return required to be filed in a calendar year beginning after 2014” for “For each fifth calendar year beginning after 2012”.

2010—Subsec. (a)(1). Pub. L. 111–240, § 2102(a), substituted “$100” for “$50” and “$1,500,000” for “$250,000”.

Subsec. (b)(1)(A). Pub. L. 111–240, § 2102(a)(1), (b)(1), substituted “$30” for “$15” and “$100” for “$50”.

Subsec. (b)(1)(B). Pub. L. 111–240, § 2102(b)(2), substituted “$250,000” for “$75,000”.

Subsec. (b)(2)(A). Pub. L. 111–240, § 2102(a)(1), (c)(1), substituted “$60” for “$30” and “$100” for “$50”.

Subsec. (b)(2)(B). Pub. L. 111–240, § 2102(c)(2), substituted “$500,000” for “$150,000”.

Subsec. (d)(1). Pub. L. 111–240, § 2102(d)(2), substituted “such calendar year” for “such taxable year” in introductory provisions.

Subsec. (d)(1)(A). Pub. L. 111–240, § 2102(a)(2), (d)(1)(A), substituted “$500,000” for “$100,000” and “$1,500,000” for “$250,000”.

Subsec. (d)(1)(B). Pub. L. 111–240, § 2102(b)(2), (d)(1)(B), substituted “$75,000” for “$25,000” and “$250,000” for “$75,000”.

Subsec. (d)(1)(C). Pub. L. 111–240, § 2102(c)(2), (d)(1)(C), substituted “$200,000” for “$50,000” and “$500,000” for “$150,000”.

Subsec. (e)(2). Pub. L. 111–240, § 2102(e), substituted “$250” for “$100” in introductory provisions.

Subsec. (e)(3)(A). Pub. L. 111–240, § 2102(a)(2), substituted “$1,500,000” for “$250,000”.

Subsec. (f). Pub. L. 111–240, § 2102(f), added subsec. (f).

2006—Subsec. (e)(2)(D). Pub. L. 109–280, which directed the addition of subpar. (D) to section 6721(e)(2), without specifying the act to be amended, was executed by making the addition to subsec. (e)(2) of this section, which is section 6721 of the Internal Revenue Code of 1986, to reflect the probable intent of Congress.

1990—Subsec. (e)(2). Pub. L. 101–508 inserted “6050I,” after “6050H,” and struck out “or” at end of subpar. (A), substituted “or” for “and” at end of subpar. (B), and added subpar. (C).

1989—Pub. L. 101–239 substituted “correct” for “certain” in section catchline and amended text generally, substituting subsecs. (a) to (e) for former subsec. (a) stating general rule and subsec. (b) relating to penalty in case of intentional disregard.

1988—Subsec. (b)(1)(A). Pub. L. 100–690 inserted “(or, if greater, in the case of a return filed under section 6050I, 10 percent of the taxable income derived from the transaction)” after “reported”.

Statutory Notes and Related Subsidiaries

Amendment by Pub. L. 114–113 applicable to returns required to be filed, and payee statements required to be provided, after Dec. 31, 2016, see section 202(e) of Pub. L. 114–113, set out as a note under section 6045 of this title.

Pub. L. 114–27, title VIII, § 806(f), June 29, 2015, 129 Stat. 418, provided that:

“The amendments made by this section [amending this section and

] shall apply with respect to returns and statements required to be filed after

.”

Pub. L. 111–240, title II, § 2102(h), Sept. 27, 2010, 124 Stat. 2564, as amended by Pub. L. 113–295, div. A, title II, § 207(a)(1), Dec. 19, 2014, 128 Stat. 4027, provided that:

“The amendments made by this section [amending this section and

] shall apply with respect to

required to be filed, and

required to be furnished, on or after

.”

Pub. L. 101–239, title VII, § 7711(c), Dec. 19, 1989, 103 Stat. 2393, provided that:

“The amendments made by this section [amending this section and sections

to

and

of this title and repealing sections

,

, and

of this title] shall apply to returns and statements the due date for which (determined without regard to extensions) is after

.”

Pub. L. 99–514, title XV, § 1501(e), Oct. 22, 1986, 100 Stat. 2741, provided that:

“The amendments made by this section [enacting this section and sections

to

of this title, amending sections

,

,

to

,

,

to

,

,

,

to

,

to

,

,

,

,

,

, and

of this title, and repealing

] shall apply to returns the due date for which (determined without regard to extensions) is after

, except that the amendments made by subsections (c)(2), (c)(3), and (c)(5) [amending sections

,

, and

of this title] shall apply to returns the due [date] for which (determined without regard to extensions) is after the date of the enactment of this Act [

].”

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