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26 U.S.C. § 6723 — Failure to comply with other information reporting requirements
Federal law — U.S. Code and appendices · legal_authorities
In the case of a failure by any person to comply with a specified information reporting requirement on or before the time prescribed therefor, such person shall pay a penalty of $50 for each such failure, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $100,000.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6723
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Source file: Laws/federal/codes/united-states-code/title-26/section-6723-failure-to-comply-with-other-information-reporting-requirements--cf74edef39.md
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Source location: Title 26, Chapter 68, § 6723; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md
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In the case of a failure by any person to comply with a specified information reporting requirement on or before the time prescribed therefor, such person shall pay a penalty of $50 for each such failure, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $100,000.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Civil penalty** If a claim for refund or credit with respect to income or employment tax is made for an excessive amount, unless it is shown that the claim for such excessive amount is due to reasonable cause, the person making such claim shall be liable for a penalty in an amount equal to 20 percent of the excessive amount.
**(b) Excessive amount** For purposes of this section, the term “excessive amount” means in the case of any person the amount by which the amount of the claim for refund or credit for any taxable year exceeds the amount of such claim allowable under this title for such taxable year.
**(c) Noneconomic substance transactions treated as lacking reasonable cause** For purposes of this section, any excessive amount which is attributable to any transaction described in section 6662(b)(6) shall not be treated as due to reasonable cause.
**(d) Coordination with other penalties** This section shall not apply to any portion of the excessive amount of a claim for refund or credit which is subject to a penalty imposed under part II of subchapter A of chapter 68.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6676
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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 3822
TITLE 26—INTERNAL REVENUE CODE
§ 6723
Editorial Notes
AMENDMENTS
2018—Subsec. (c)(3)(A). Pub. L. 115–141, § 101(f)(1)(B),
substituted ‘‘furnished’’ for ‘‘filed’’ in concluding provi-
sions.
Subsec. (c)(3)(A)(iii). Pub. L. 115–141, § 101(f)(1)(A),
substituted ‘‘the payee statement’’ for ‘‘any informa-
tion 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), sub-
stituted
‘‘$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), sub-
stituted ‘‘$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), sub-
stituted ‘‘$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), sub-
stituted ‘‘$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), sub-
stituted ‘‘$175,000’’ for ‘‘$75,000’’ and ‘‘$500,000’’ for
‘‘$250,000’’.
Subsec. (d)(1)(C). Pub. L. 114–27, § 806(e)(3)(C), sub-
stituted ‘‘$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
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6723
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