Browse Arkansas Code titles and sections
26 U.S.C. § 6042 — Returns regarding payments of dividends and corporate earnings and profits
Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement of reporting**
(1) **In general** — Every person—
(A) who makes payments of dividends aggregating $10 or more to any other person during any calendar year, or
(B) who receives payments of dividends as a nominee and who makes payments aggregating $10 or more during any calendar year to any other person with respect to the dividends so received,
shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments and the name and address of the person to whom paid.
(2) **Returns required by the Secretary** — Every person who makes payments of dividends aggregating less than $10 to any other person during any calendar year shall, when required by the Secretary, make a return setting forth the aggregate amount of such payments, and the name and address of the person to whom paid.
**(b) Dividend defined**
(1) **General rule** — For purposes of this section, the term “dividend” means—
(A) any distribution by a corporation which is a dividend (as defined in section 316); and
(B) any payment made by a stockbroker to any person as a substitute for a dividend (as so defined).
(2) **Exceptions** — For purposes of this section, the term “dividend” does not include any distribution or payment—
(A) to the extent provided in regulations prescribed by the Secretary—
(i) by a foreign corporation, or
(ii) to a foreign corporation, a nonresident alien, or a partnership not engaged in a trade or business in the United States and composed in whole or in part of nonresident aliens, or
(B) except to the extent otherwise provided in regulations prescribed by the Secretary, to any person described in section 6049(b)(4).
(3) **Special rule** — If the person making any payme
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6042
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 142ef591ecc9ddbed547b629c0a0e9841e8aa7e0a841db0616acc76941ad6151. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_3ee1d91a8f8f13277a4e289f
Source file: Laws/federal/codes/united-states-code/title-26/section-6042-returns-regarding-payments-of-dividends-and-corporate-earnings-and-profi--a115b79a90.md
Pages: Not recorded – Not recorded
Passage SHA-256: 56e792e5ff196e3432db4ec1856063adf1eba2a2bc9c111b34df2f0846031124
Source location: Title 26, Chapter 61, § 6042; chapter-061-information-and-returns.md
Stored source content
**(a) Requirement of reporting**
(1) **In general** — Every person—
(A) who makes payments of dividends aggregating $10 or more to any other person during any calendar year, or
(B) who receives payments of dividends as a nominee and who makes payments aggregating $10 or more during any calendar year to any other person with respect to the dividends so received,
shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments and the name and address of the person to whom paid.
(2) **Returns required by the Secretary** — Every person who makes payments of dividends aggregating less than $10 to any other person during any calendar year shall, when required by the Secretary, make a return setting forth the aggregate amount of such payments, and the name and address of the person to whom paid.
**(b) Dividend defined**
(1) **General rule** — For purposes of this section, the term “dividend” means—
(A) any distribution by a corporation which is a dividend (as defined in section 316); and
(B) any payment made by a stockbroker to any person as a substitute for a dividend (as so defined).
(2) **Exceptions** — For purposes of this section, the term “dividend” does not include any distribution or payment—
(A) to the extent provided in regulations prescribed by the Secretary—
(i) by a foreign corporation, or
(ii) to a foreign corporation, a nonresident alien, or a partnership not engaged in a trade or business in the United States and composed in whole or in part of nonresident aliens, or
(B) except to the extent otherwise provided in regulations prescribed by the Secretary, to any person described in section 6049(b)(4).
(3) **Special rule** — If the person making any payment described in subsection (a)(1)(A) or (B) is unable to determine the portion of such payment which is a dividend or is paid with respect to a dividend, he shall, for purposes of subsection (a)(1), treat the entire amount of such payment as a dividend or as an amount paid with respect to a dividend.
**(c) Statements to be furnished to persons with respect to whom information is required** Every person required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(1) the name, address, and phone number of the information contact of the person required to make such return, and
(2) the aggregate amount of payments to the person required to be shown on the return.
The written statement required under the preceding sentence shall be furnished (either in person or in a statement mailing by first-class mail which includes adequate notice that the statement is enclosed) to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made and shall be in such form as the Secretary may prescribe by regulations.
**(d) Statements to be furnished by corporations to Secretary** Every corporation shall, when required by the Secretary—
(1) furnish to the Secretary a statement stating the name and address of each shareholder, and the number of shares owned by each shareholder;
(2) furnish to the Secretary a statement of such facts as will enable him to determine the portion of the earnings and profits of the corporation (including gains, profits, and income not taxed) accumulated during such periods as the Secretary may specify, which have been distributed or ordered to be distributed, respectively, to its shareholders during such taxable years as the Secretary may specify; and
(3) furnish to the Secretary a statement of its accumulated earnings and profits and the names and addresses of the individuals or shareholders who would be entitled to such accumulated earnings and profits if divided or distributed, and of the amounts that would be payable to each.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Wage withholding for income tax purposes**
(1) **In general** — The amount withheld as tax under chapter 24 shall be allowed to the recipient of the income as a credit against the tax imposed by this subtitle.
(2) **Year of credit** — The amount so withheld during any calendar year shall be allowed as a credit for the taxable year beginning in such calendar year. If more than one taxable year begins in a calendar year, such amount shall be allowed as a credit for the last taxable year so beginning.
**(b) Credit for special refunds of social security tax**
(1) **In general** — The Secretary may prescribe regulations providing for the crediting against the tax imposed by this subtitle of the amount determined by the taxpayer or the Secretary to be allowable under section 6413(c) as a special refund of tax imposed on wages. The amount allowed as a credit under such regulations shall, for purposes of this subtitle, be considered an amount withheld at source as tax under section 3402.
(2) **Year of credit** — Any amount to which paragraph (1) applies shall be allowed as a credit for the taxable year beginning in the calendar year during which the wages were received. If more than one taxable year begins in the calendar year, such amount shall be allowed as a credit for the last taxable year so beginning.
**(c) Special rule for backup withholding** Any credit allowed by subsection (a) for any amount withheld under section 3406 shall be allowed for the taxable year of the recipient of the income in which the income is received.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 31
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) S corporation defined**
(1) **In general** — For purposes of this title, the term “S corporation” means, with respect to any taxable year, a small business corporation for which an election under section 1362(a) is in effect for such year.
(2) **C corporation** — For purposes of this title, the term “C corporation” means, with respect to any taxable year, a corporation which is not an S corporation for such year.
**(b) Small business corporation**
(1) **In general** — For purposes of this subchapter, the term “small business corporation” means a domestic corporation which is not an ineligible corporation and which does not—
(A) have more than 100 shareholders,
(B) have as a shareholder a person (other than an estate, a trust described in subsection (c)(2), or an organization described in subsection (c)(6)) who is not an individual,
(C) have a nonresident alien as a shareholder, and
(D) have more than 1 class of stock.
(2) **Ineligible corporation defined** — For purposes of paragraph (1), the term “ineligible corporation” means any corporation which is—
(A) a financial institution which uses the reserve method of accounting for bad debts described in section 585,
(B) an insurance company subject to tax under subchapter L, or
(C) a DISC or former DISC.
(3) **Treatment of certain wholly owned subsidiaries**
(A) *In general* — Except as provided in regulations prescribed by the Secretary, for purposes of this title—
(i) a corporation which is a qualified subchapter S subsidiary shall not be treated as a separate corporation, and
(ii) all assets, liabilities, and items of income, deduction, and credit of a qualified subchapter S subsidiary shall be treated as assets, liabilities, and such items (as the case may be) of the S corp
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1361
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Payments exceeding threshold** All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable gains, profits, and income (other than payments to which section 6042(a)(1), 6044(a)(1), 6047(e), 6049(a), or 6050N(a) applies, and other than payments with respect to which a statement is required under the authority of section 6042(a)(2), 6044(a)(2), or 6045), of $2,000 or more in any calendar year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to make returns in regard thereto by the regulations hereinafter provided for, shall render a true and accurate return to the Secretary, under such regulations and in such form and manner and to such extent as may be prescribed by the Secretary, setting forth the amount of such gains, profits, and income (including a separate accounting of any such amounts reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips and a separate accounting of any amount of qualified overtime compensation (as defined in section 225(c))), and the name and address of the recipient of such payment.
**(b) Collection of foreign items** In the case of collections of items (not payable in the United States) of interest upon the bonds of foreign countries and interest upon the bonds of and dividends from foreign corporations by any person undertaking as a matter of business or for profit the collection of foreign payments of such interest or dividends by means of coupons, checks, or bills of exchange, such per
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6041
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of penalty**
(1) **In general** — 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.
(2) **Failures subject to penalty** — For purposes of paragraph (1), the failures described in this paragraph are—
(A) any failure to file an information return with the Secretary on or before the required filing date, and
(B) any failure to include all of the information required to be shown on the return or the inclusion of incorrect information.
**(b) Reduction where correction in specified period**
(1) **Correction within 30 days** — If any failure described in subsection (a)(2) is corrected on or before the day 30 days after the required filing date—
(A) the penalty imposed by subsection (a) shall be $50 in lieu of $250, and
(B) the total amount imposed on the person for all such failures during any calendar year which are so corrected shall not exceed $500,000.
(2) **Failures corrected on or before August 1** — If any failure described in subsection (a)(2) is corrected after the 30th day referred to in paragraph (1) but on or before August 1 of the calendar year in which the required filing date occurs—
(A) the penalty imposed by subsection (a) shall be $100 in lieu of $250, and
(B) the total amount imposed on the person for all such failures during the calendar year which are so corrected shall not exceed $1,500,000.
**(c) Exceptions for certain de minimis failures**
(1) **Exception for de minimis failure to include all required information** — If—
(A) an informatio
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6721
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement of reporting**
(1) **In general** — Except as otherwise provided in this section, every cooperative to which part I of subchapter T of chapter 1 applies, which makes payments of amounts described in subsection (b) aggregating $10 or more to any person during any calendar year, shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments and the name and address of the person to whom paid.
(2) **Returns required by the Secretary** — Every such cooperative which makes payments of amounts described in subsection (b) aggregating less than $10 to any person during any calendar year shall, when required by the Secretary, make a return setting forth the aggregate amount of such payments and the name and address of the person to whom paid.
**(b) Amounts subject to reporting**
(1) **General rule** — Except as otherwise provided in this section, the amounts subject to reporting under subsection (a) are—
(A) the amount of any patronage dividend (as defined in section 1388(a)) which is paid in money, qualified written notices of allocation (as defined in section 1388(c)), or other property (except nonqualified written notices of allocation as defined in section 1388(d)),
(B) any amount described in section 1382(c)(2)(A) (relating to certain nonpatronage distributions) which is paid in money, qualified written notices of allocation, or other property (except nonqualified written notices of allocation) by an organization exempt from tax under section 521 (relating to exemption of farmers’ cooperatives from tax),
(C) any amount described in section 1382(b)(2) (relating to redemption of nonqualified written notices of allocation) and, in the case of an organization described in
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6044
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement of reporting** Every person—
(1) who makes payments of interest (as defined in subsection (b)) aggregating $10 or more to any other person during any calendar year, or
(2) who receives payments of interest (as so defined) as a nominee and who makes payments aggregating $10 or more during any calendar year to any other person with respect to the interest so received,
shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments and the name and address of the person to whom paid.
**(b) Interest defined**
(1) **General rule** — For purposes of subsection (a), the term “interest” means—
(A) interest on any obligation—
(i) issued in registered form, or
(ii) of a type offered to the public,
other than any obligation with a maturity (at issue) of not more than 1 year which is held by a corporation,
(B) interest on deposits with persons carrying on the banking business,
(C) amounts (whether or not designated as interest) paid by a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or similar organization, in respect of deposits, investment certificates, or withdrawable or repurchasable shares,
(D) interest on amounts held by an insurance company under an agreement to pay interest thereon,
(E) interest on deposits with brokers (as defined in section 6045(c)),
(F) interest paid on amounts held by investment companies (as defined in section 3 of the Investment Company Act of 1940 ([15 U.S.C. 80a–3](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–3&num=0&edition=prelim))) and on amounts invested in o
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6049
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Returns with respect to certain payments aggregating less than $10** In the case of each failure to file a statement of a payment to another person required under the authority of—
(1) section 6042(a)(2) (relating to payments of dividends aggregating less than $10), or
(2) section 6044(a)(2) (relating to payments of patronage dividends aggregating less than $10),
on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary and in the same manner as tax) by the person failing to so file the statement, $1 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during the calendar year shall not exceed $1,000.
**(b) Failure to report tips** In the case of failure by an employee to report to his employer on the date and in the manner prescribed therefor any amount of tips required to be so reported by section 6053(a) which are wages (as defined in section 3121(a)) or which are compensation (as defined in section 3231(e)), unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be paid by the employee, in addition to the tax imposed by section 3101 or section 3201 (as the case may be) with respect to the amount of tips which he so failed to report, an amount equal to 50 percent of such tax.
**(c) Returns by exempt organizations and by certain trusts**
(1) **Annual returns under section 6033(a)(1) or 6012(a)(6)**
(A) *Penalty on organization* — In the case of—
(i) a failure to file a return required under section 6033(a)(1) (relating to returns by exempt organization
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6652
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 3356
TITLE 26—INTERNAL REVENUE CODE
§ 6042
(1) the name, address, and phone number of
the information contact of the person required
to make such return, and
(2) in the case of subsection (a), the aggre-
gate amount of payments to the person re-
quired to be shown on such return.
The written statement required under the pre-
ceding sentence shall be furnished to the person
on or before January 31 of the year following the
calendar year for which the return under sub-
section (a) was made.
(f) Recipient to furnish name, address, and iden-
tification number; inclusion on return
(1) Furnishing of information
Any person with respect to whom a return or
statement is required under this section to be
made by another person shall furnish to such
other person his name, address, and identifica-
tion number at such time and in such manner
as the Secretary may prescribe by regulations.
(2) Inclusion on return
The person to whom an identification num-
ber is furnished under paragraph (1) shall in-
clude such number on any return which such
person is required to file under this section
and to which such identification number re-
lates.
(Added Pub. L. 97–248, title III, § 312(a), Sept. 3,
1982, 96 Stat. 601; amended Pub. L. 104–168, title
XII, § 1201(a)(2), July 30, 1996, 110 Stat. 1469; Pub.
L. 105–34, title X, § 1022(a), Aug. 5, 1997, 111 Stat.
923.)
Editorial Notes
REFERENCES IN TEXT
The date of the enactment of this paragraph, referred
to in subsec. (d)(3), is the date of enactment of Pub. L.
105–34, which was approved Aug. 5, 1997.
AMENDMENTS
1997—Subsec. (d)(3). Pub. L. 105–34 added par. (3).
1996—Subsec. (e)(1). Pub. L. 104–168 substituted
‘‘name, address, and phone number of the information
contact’’ for ‘‘name and address’’.
Statutory Notes
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6042
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.