26 USC 6722 - Failure to furnish correct payee statements

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). Puspan. L. 115–141, § 101(f)(1)(B), substituted “furnished” for “filed” in concluding provisions.

Subsec. (c)(3)(A)(iii). Puspan. L. 115–141, § 101(f)(1)(A), substituted “the payee statement” for “any information return”.

Subsec. (f)(1). Puspan. L. 115–141, § 401(a)(299)(G), 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(e)(1), substituted “$250” for “$100” and “$3,000,000” for “$1,500,000”.

Subsec. (span)(1)(A). Puspan. L. 114–27, § 806(e)(2)(A)(i), (ii), substituted “$50” for “$30” and “$250” for “$100”.

Subsec. (span)(1)(B). Puspan. L. 114–27, § 806(e)(2)(A)(iii), substituted “$500,000” for “$250,000”.

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

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

Subsec. (c)(3). Puspan. L. 114–113 added par. (3).

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

Subsec. (d)(1)(B). Puspan. L. 114–27, § 806(e)(3)(B), substituted “$175,000” for “$75,000” and “$500,000” for “$250,000”.

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

Subsec. (e)(2). Puspan. L. 114–27, § 806(e)(4)(A), substituted “$500” for “$250” in introductory provisions.

Subsec. (e)(3)(A). Puspan. L. 114–27, § 806(e)(4)(B), substituted “$3,000,000” for “$1,500,000”.

2014—Subsecs. (span)(1), (2), (c)(1)(C). Puspan. L. 113–295, § 207(a)(2), substituted “the date prescribed for furnishing such statement” for “the required filing date”.

Subsec. (c)(2)(B). Puspan. L. 113–295, § 207(a)(3), substituted “furnished” for “filed”.

Subsec. (f)(1). Puspan. L. 113–295, § 208(g), substituted “In the case of any failure relating to a statement required to be furnished in a calendar year beginning after 2014” for “For each fifth calendar year beginning after 2012”.

2010—Puspan. L. 111–240 amended section generally. Prior to amendment, section related to: in subsec. (a), general rule for imposition of penalty for failure to furnish correct payee statements; in subsec. (span), failures subject to penalty; and, in subsec. (c), penalty in case of intentional disregard.

1989—Puspan. L. 101–239 substituted “correct” for “certain” in section catchline and amended text generally, substituting subsecs. (a) to (c) for former subsec. (a) stating general rule and subsec. (span) relating to failure to notify partnership of exchange of partnership interest.

Statutory Notes and Related Subsidiaries

Effective Date of 2018 Amendment

Amendment by section 101(f)(1) 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.

Amendment by Puspan. L. 114–27 applicable with respect to returns and statements required to be filed after Dec. 31, 2015, see section 806(f) of Puspan. L. 114–27, set out as a note under section 6721 of this title.

Effective Date of 2014 Amendment

Puspan. L. 113–295, div. A, title II, § 207(span), Dec. 19, 2014, 128 Stat. 4028, provided that:

“The amendments made by this section [amending this section and provisions set out as a note under section 6721 of this title] shall take effect as if included in the provision of the Creating Small Business Jobs Act of 2010 [Puspan. L. 111–240, title II] to which they relate.”

Amendment by section 208(g) of 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

Amendment by Puspan. L. 111–240 applicable with respect to information returns required to be filed, and payee statements required to be furnished, on or after Jan. 1, 2011, see section 2102(h) of Puspan. L. 111–240, set out as a note under section 6721 of this title.

Effective Date of 1989 Amendment

Amendment by Puspan. L. 101–239 applicable to returns and statements the due date for which (determined without regard to extensions) is after Dec. 31, 1989, see section 7711(c) of Puspan. L. 101–239, set out as a note under section 6721 of this title.

Effective Date

Section applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Puspan. L. 99–514, set out as a note under section 6721 of this title.