26 USC 6721 - Failure to file correct information returns

Inflation Adjusted Items for Certain Years

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

Editorial Notes

Amendments

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

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

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

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

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

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

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

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

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

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

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

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

2014—Subsec. (f)(1). Puspan. 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). Puspan. L. 111–240, § 2102(a), substituted “$100” for “$50” and “$1,500,000” for “$250,000”.

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

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

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

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

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

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

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

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

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

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

2006—Subsec. (e)(2)(D). Puspan. 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). Puspan. 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—Puspan. 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. (span) relating to penalty in case of intentional disregard.

1988—Subsec. (span)(1)(A). Puspan. 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

Effective Date of 2018 Amendment

Amendment by section 101(f)(2) of Puspan. L. 115–141 effective as if included in the provision of the Protecting Americans from Tax Hikes Act of 2015, div. Q of Puspan. L. 114–113, to which such amendment relates, see section 101(s) of Puspan. L. 115–141, set out as a note under section 24 of this title.

Effective Date of 2017 Amendment

Amendment by Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 11002(e) of Puspan. L. 115–97, set out as a note under section 1 of this title.

Effective Date of 2015 Amendment

Amendment by Puspan. 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 Puspan. L. 114–113, set out as a note under section 6045 of this title.

Puspan. 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 section 6722 of this title] shall apply with respect to returns and statements required to be filed after December 31, 2015.”

Effective Date of 2014 Amendment

Amendment by Puspan. L. 113–295 applicable to returns required to be filed, and statements required to be furnished, after Dec. 31, 2014, see section 208(h) of Puspan. L. 113–295, set out as a note under section 6651 of this title.

Effective Date of 2010 Amendment

Puspan. L. 111–240, title II, § 2102(h), Sept. 27, 2010, 124 Stat. 2564, as amended by Puspan. 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 section 6722 of this title] shall apply with respect to information returns required to be filed, and payee statements required to be furnished, on or after January 1, 2011.”

Effective Date of 2006 Amendment

Amendment by Puspan. L. 109–280 applicable to acquisitions of contracts after Aug. 17, 2006, see section 1211(d) of Puspan. L. 109–280, set out as an Effective Date note under section 6050V of this title.

Effective Date of 1990 Amendment

Amendment by Puspan. L. 101–508 applicable to amounts received after Nov. 5, 1990, see section 11318(e)(1) of Puspan. L. 101–508, set out as a note under section 6050I of this title.

Effective Date of 1989 Amendment

Puspan. 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 6722 to 6724 and 7205 of this title and repealing sections 6017A, 6676, and 6687 of this title] shall apply to returns and statements the due date for which (determined without regard to extensions) is after December 31, 1989.”

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–690 applicable to actions after Nov. 18, 1988, see section 7601(a)(3) of Puspan. L. 100–690, set out as a note under section 6050I of this title.

Effective Date

Puspan. 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 6722 to 6724 of this title, amending sections 219, 6031, 6033 to 6034A, 6041, 6042 to 6045, 6047, 6049, 6050A to 6050C, 6050E to 6050I, 6050K, 6052, 6057, 6058, 6652, and 6676 of this title, and repealing section 6678 of this title] shall apply to returns the due date for which (determined without regard to extensions) is after December 31, 1986, except that the amendments made by subsections (c)(2), (c)(3), and (c)(5) [amending sections 6042, 6044, and 6049 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 [Oct. 22, 1986].”