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26 U.S.C. § 6722 — Failure to furnish correct payee statements
Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of penalty**
(1) **General rule** — 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.
(2) **Failures subject to penalty** — For purposes of paragraph (1), the failures described in this paragraph are—
(A) any failure to furnish a payee statement on or before the date prescribed therefor to the person to whom such statement is required to be furnished, and
(B) any failure to include all of the information required to be shown on a payee statement 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 date prescribed for furnishing such statement—
(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 date prescribed for furnishing such statement 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) Exception for de minimis failures**
(1
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Source file: Laws/federal/codes/united-states-code/title-26/section-6722-failure-to-furnish-correct-payee-statements--d55a0bc35c.md
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Source location: Title 26, Chapter 68, § 6722; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md
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**(a) Imposition of penalty**
(1) **General rule** — 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.
(2) **Failures subject to penalty** — For purposes of paragraph (1), the failures described in this paragraph are—
(A) any failure to furnish a payee statement on or before the date prescribed therefor to the person to whom such statement is required to be furnished, and
(B) any failure to include all of the information required to be shown on a payee statement 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 date prescribed for furnishing such statement—
(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 date prescribed for furnishing such statement 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) Exception for de minimis failures**
(1) **In general** — If—
(A) a payee statement is furnished to the person to whom such statement is required to be furnished,
(B) there is a failure described in subsection (a)(2)(B) (determined after the application of section 6724(a)) with respect to such statement, and
(C) such failure is corrected on or before August 1 of the calendar year in which the date prescribed for furnishing such statement occurs,
for purposes of this section, such statement shall be treated as having been furnished with all of the correct required information.
(2) **Limitation** — The number of payee statements to which paragraph (1) applies for any calendar year shall not exceed the greater of—
(A) 10, or
(B) one-half of 1 percent of the total number of payee statements required to be furnished by the person during the calendar year.
(3) **Safe harbor for certain de minimis errors**
(A) *In general* — If, with respect to any payee statement—
(i) there are 1 or more failures described in subsection (a)(2)(B) relating to an incorrect dollar amount,
(ii) no single amount in error differs from the correct amount by more than $100, and
(iii) no single amount reported for tax withheld on the payee statement differs from the correct amount by more than $25,
then no correction shall be required and, for purposes of this section, such statement shall be treated as having been furnished with all of the correct required information.
(B) *Exception* — 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.
(C) *Regulatory authority* — 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.
**(d) Lower limitations for persons with gross receipts of not more than $5,000,000**
(1) **In general** — If any person meets the gross receipts test of paragraph (2) with respect to any calendar year, with respect to failures during such calendar year—
(A) subsection (a)(1) shall be applied by substituting “$1,000,000” for “$3,000,000”,
(B) subsection (b)(1)(B) shall be applied by substituting “$175,000” for “$500,000”, and
(C) subsection (b)(2)(B) shall be applied by substituting “$500,000” for “$1,500,000”.
(2) **Gross receipts test** — A person meets the gross receipts test of this paragraph if such person meets the gross receipts test of section 6721(d)(2).
**(e) Penalty in case of intentional disregard** If 1 or more failures to which subsection (a) applies are due to intentional disregard of the requirement to furnish a payee statement (or the correct information reporting requirement), then, with respect to each such failure—
(1) subsections (b), (c), and (d) shall not apply,
(2) the penalty imposed under subsection (a)(1) shall be $500, or, if greater—
(A) in the case of a payee statement other than a statement required under section 6045(b), 6041A(e) (in respect of a return required under section 6041A(b)), 6050H(d), 6050J(e), 6050K(b), or 6050L(c), 10 percent of the aggregate amount of the items required to be reported correctly, or
(B) in the case of a payee statement required under section 6045(b), 6050K(b), or 6050L(c), 5 percent of the aggregate amount of the items required to be reported correctly, and
(3) in the case of any penalty determined under paragraph (2)—
(A) the $3,000,000 limitation under subsection (a) shall not apply, and
(B) such penalty shall not be taken into account in applying such limitation to penalties not determined under paragraph (2).
**(f) Adjustment for inflation**
(1) **In general** — 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.
(2) **Rounding** — If any amount adjusted under paragraph (1)—
(A) 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
(B) 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Addition to the tax** In case of failure—
(1) to file any return required under authority of subchapter A of chapter 61 (other than part III thereof), subchapter A of chapter 51 (relating to distilled spirits, wines, and beer), or of subchapter A of chapter 52 (relating to tobacco, cigars, cigarettes, and cigarette papers and tubes), or of subchapter A of chapter 53 (relating to machine guns and certain other firearms), 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 due to willful neglect, there shall be added to the amount required to be shown as tax on such return 5 percent of the amount of such tax if the failure is for not more than 1 month, with an additional 5 percent for each additional month or fraction thereof during which such failure continues, not exceeding 25 percent in the aggregate;
(2) to pay the amount shown as tax on any return specified in paragraph (1) on or before the date prescribed for payment of such tax (determined with regard to any extension of time for payment), unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be added to the amount shown as tax on such return 0.5 percent of the amount of such tax if the failure is for not more than 1 month, with an additional 0.5 percent for each additional month or fraction thereof during which such failure continues, not exceeding 25 percent in the aggregate; or
(3) to pay any amount in respect of any tax required to be shown on a return specified in paragraph (1) which is not so shown (including an assessment made pursuant to section 6213(b)) within 21 calendar days from the date of notice and demand therefor (10 business
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Every person doing business as a broker shall, when required by the Secretary, make a return, in accordance with such regulations as the Secretary may prescribe, showing the name and address of each customer, with such details regarding gross proceeds and such other information as the Secretary may by forms or regulations require with respect to such business.
**(b) Statements to be furnished to customers** Every person required to make a return under subsection (a) shall furnish to each customer 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 information required to be shown on such return with respect to such customer.
The written statement required under the preceding sentence shall be furnished to the customer on or before February 15 of the year following the calendar year for which the return under subsection (a) was required to be made. In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement.
**(c) Definitions** For purposes of this section—
(1) **Broker** — The term “broker” includes—
(A) a dealer,
(B) a barter exchange,
(C) any person who (for consideration) regularly acts as a middleman with respect to property or services, and
(D) any person who (for consideration) is responsible for regularly providing any service ef
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit** There shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying child of the taxpayer for which the taxpayer is allowed a deduction under section 151 an amount equal to $1,000.
**(b) Limitations**
(1) **Limitation based on adjusted gross income** — The amount of the credit allowable under subsection (a) shall be reduced (but not below zero) by $50 for each $1,000 (or fraction thereof) by which the taxpayer’s modified adjusted gross income exceeds the threshold amount. For purposes of the preceding sentence, the term “modified adjusted gross income” means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933.
(2) **Threshold amount** — For purposes of paragraph (1), the term “threshold amount” means—
(A) $110,000 in the case of a joint return,
(B) $75,000 in the case of an individual who is not married, and
(C) $55,000 in the case of a married individual filing a separate return.
For purposes of this paragraph, marital status shall be determined under section 7703.
**(c) Qualifying child** For purposes of this section—
(1) **In general** — The term “qualifying child” means a qualifying child of the taxpayer (as defined in section 152(c)) who has not attained age 17.
(2) **Exception for certain noncitizens** — The term “qualifying child” shall not include any individual who would not be a dependent if subparagraph (A) of section 152(b)(3) were applied without regard to all that follows “resident of the United States”.
**(d) Portion of credit refundable**
(1) **In general** — The aggregate credits allowed to a taxpayer under subpart C shall be increased by the lesser of—
(A) the credit which would be allowed und
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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
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Federal law — U.S. Code and appendices · legal_authorities
Page 3820
TITLE 26—INTERNAL REVENUE CODE
§ 6722
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
EFFECTIVE DATE OF 2018 AMENDMENT
Amendment by section 101(f)(2) of Pub. L. 115–141 ef-
fective 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.
EFFECTIVE DATE OF 2017 AMENDMENT
Amendment by Pub. L. 115–97 applicable to taxable
years beginning after Dec. 31, 2017, see section 11002(e)
of Pub. L. 115–97, set out as a note under section 1 of
this title.
EFFECTIVE DATE OF 2015 AMENDMENT
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 section 6722 of
this title] shall apply with respect to returns and state-
ments required to be filed after December 31, 2015.’’
EFFECTIVE DATE OF 2014 AMENDMENT
Amendment by Pub. L. 113–295 applicable to returns
required to be filed, and statements required to be fur-
nished, after Dec. 31, 2014, see section 208(h) of Pub. L.
113–295, set out as a note under section 6651 of this title.
EFFECTIVE DATE OF 2010 AMENDMENT
Pub. L. 1
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6722
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