26 U.S.C. § 6722
Failure to furnish correct payee statements
In the case of each failure described in paragraph (2) by any person with respect to a payee statement, such person shall pay a penalty of $250 for each statement 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.
Subparagraph (A) shall not apply to any payee statement if the person to whom such statement is required to be furnished makes an election (at such time and in such manner as the Secretary may prescribe) that subparagraph (A) not apply with respect to such statement.
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.
A person meets the gross receipts test of this paragraph if such person meets the gross receipts test of section 6721(d)(2).
In the case of any failure relating to a statement required to be furnished in a calendar year beginning after 2014, each of the dollar amounts under subsections (a), (b), (d)(1), 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.
For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.
2018—Subsec. (c)(3)(A). Pub. L. 115–141, § 101(f)(1)(B), substituted “furnished” for “filed” in concluding provisions.
Subsec. (c)(3)(A)(iii). Pub. L. 115–141, § 101(f)(1)(A), substituted “the payee statement” for “any information return”.
Subsec. (f)(1). Pub. 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). 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(e)(1), substituted “$250” for “$100” and “$3,000,000” for “$1,500,000”.
Subsec. (b)(1)(A). Pub. L. 114–27, § 806(e)(2)(A)(i), (ii), substituted “$50” for “$30” and “$250” for “$100”.
Subsec. (b)(1)(B). Pub. L. 114–27, § 806(e)(2)(A)(iii), substituted “$500,000” for “$250,000”.
Subsec. (b)(2)(A). Pub. L. 114–27, § 806(e)(2)(B)(i), (ii), substituted “$100” for “$60” and “$250” for “$100”.
Subsec. (b)(2)(B). Pub. L. 114–27, § 806(e)(2)(B)(iii), substituted “$1,500,000” for “$500,000”.
Subsec. (c)(3). Pub. L. 114–113 added par. (3).
Subsec. (d)(1)(A). Pub. 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). Pub. L. 114–27, § 806(e)(3)(B), substituted “$175,000” for “$75,000” and “$500,000” for “$250,000”.
Subsec. (d)(1)(C). Pub. L. 114–27, § 806(e)(3)(C), substituted “$500,000” for “$200,000” and “$1,500,000” for “$500,000”.
Subsec. (e)(2). Pub. L. 114–27, § 806(e)(4)(A), substituted “$500” for “$250” in introductory provisions.
Subsec. (e)(3)(A). Pub. L. 114–27, § 806(e)(4)(B), substituted “$3,000,000” for “$1,500,000”.
2014—Subsecs. (b)(1), (2), (c)(1)(C). Pub. L. 113–295, § 207(a)(2), substituted “the date prescribed for furnishing such statement” for “the required filing date”.
Subsec. (c)(2)(B). Pub. L. 113–295, § 207(a)(3), substituted “furnished” for “filed”.
Subsec. (f)(1). Pub. 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—Pub. 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. (b), failures subject to penalty; and, in subsec. (c), penalty in case of intentional disregard.
1989—Pub. 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. (b) relating to failure to notify partnership of exchange of partnership interest.
Amendment by section 101(f)(1) of Pub. L. 115–141 effective as if included in the provision of the Protecting Americans from Tax Hikes Act of 2015, div. Q of Pub. L. 114–113, to which such amendment relates, see section 101(s) of Pub. L. 115–141, set out as a note under section 24 of this title.
Amendment by Pub. L. 115–97 applicable to taxable years beginning after
Amendment by Pub. L. 114–113 applicable to returns required to be filed, and payee statements required to be provided, after
Amendment by Pub. L. 114–27 applicable with respect to returns and statements required to be filed after
Pub. L. 113–295, div. A, title II, § 207(b),
Amendment by section 208(g) of Pub. L. 113–295 applicable to returns required to be filed, and statements required to be furnished, after
Amendment by Pub. L. 111–240 applicable with respect to information returns required to be filed, and payee statements required to be furnished, on or after
Amendment by Pub. L. 101–239 applicable to returns and statements the due date for which (determined without regard to extensions) is after
Section applicable to returns the due date for which (determined without regard to extensions) is after