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26 U.S.C. § 6041 — Information at source
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
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Source location: Title 26, Chapter 61, § 6041; chapter-061-information-and-returns.md
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**(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 person shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the amount paid and the name and address of the recipient of each such payment.
**(c) Recipient to furnish name and address** When necessary to make effective the provisions of this section, the name and address of the recipient of income shall be furnished upon demand of the person paying the income.
**(d) 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 with respect to whom such a return is required a written statement showing—
(1) the name, address, and phone number of the information contact of the person required to make such return,
(2) the aggregate amount of payments to the person required to be shown on the return,
(3) in the case of compensation to non-employees, the portion of payments that have been reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips, and
(4) the portion of payments that are qualified overtime compensation (as defined in section 225(c)).
The written statement required under the preceding sentence shall be furnished 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. To the extent provided in regulations prescribed by the Secretary, this subsection shall also apply to persons required to make returns under subsection (b).
**(e) Section does not apply to certain tips** This section shall not apply to tips with respect to which section 6053(a) (relating to reporting of tips) applies.
**(f) Section does not apply to certain health arrangements** This section shall not apply to any payment for medical care (as defined in section 213(d)) made under—
(1) a flexible spending arrangement (as defined in section 106(c)(2)), or
(2) a health reimbursement arrangement which is treated as employer-provided coverage under an accident or health plan for purposes of section 106.
**(g) Nonqualified deferred compensation** Subsection (a) shall apply to—
(1) any deferrals for the year under a nonqualified deferred compensation plan (within the meaning of section 409A(d)), whether or not paid, except that this paragraph shall not apply to deferrals which are required to be reported under section 6051(a)(13) (without regard to any de minimis exception), and
(2) any amount includible under section 409A and which is not treated as wages under section 3401(a).
**(h) Inflation adjustment** In the case of any calendar year after 2026, the dollar amount in subsection (a) shall be increased by an amount equal to—
(1) such dollar amount, multiplied by
(2) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting “calendar year 2025” for “calendar year 2016” in subparagraph (A)(ii) thereof.
If any increase under the preceding sentence is not a multiple of $100, such increase shall be rounded to the nearest multiple of $100.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Distributable net income** For purposes of this part, the term “distributable net income” means, with respect to any taxable year, the taxable income of the estate or trust computed with the following modifications—
(1) **Deduction for distributions** — No deduction shall be taken under sections 651 and 661 (relating to additional deductions).
(2) **Deduction for personal exemption** — No deduction shall be taken under section 642(b) (relating to deduction for personal exemptions).
(3) **Capital gains and losses** — Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited, or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or to be used for the purposes specified in section 642(c). Losses from the sale or exchange of capital assets shall be excluded, except to the extent such losses are taken into account in determining the amount of gains from the sale or exchange of capital assets which are paid, credited, or required to be distributed to any beneficiary during the taxable year. The exclusion under section 1202 shall not be taken into account.
(4) **Extraordinary dividends and taxable stock dividends** — For purposes only of subpart B (relating to trusts which distribute current income only), there shall be excluded those items of gross income constituting extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, does not pay or credit to any beneficiary by reason of his determination that such dividends are allocable to corpus under the terms of the governing instrument and applicable local law.
(5) **Tax-exempt interest** — There shall be included any tax-exempt inter
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in subsection (b), for purposes of this subtitle, the term “taxable income” means gross income minus the deductions allowed by this chapter (other than the standard deduction).
**(b) Individuals who do not itemize their deductions** In the case of an individual who does not elect to itemize his deductions for the taxable year, for purposes of this subtitle, the term “taxable income” means adjusted gross income, minus—
(1) the standard deduction,
(2) the deduction for personal exemptions provided in section 151,
(3) any deduction provided in section 199A,
(4) the deduction provided in section 170(p),
(5) the deduction provided in section 224,
(6) the deduction provided in section 225 and 11 So in original. Probably should be preceded by a comma.
(7) so much of the deduction allowed by section 163(a) as is attributable to the exception under section 163(h)(4)(A).
**(c) Standard deduction** For purposes of this subtitle—
(1) **In general** — Except as otherwise provided in this subsection, the term “standard deduction” means the sum of—
(A) the basic standard deduction, and
(B) the additional standard deduction.
(2) **Basic standard deduction** — For purposes of paragraph (1), the basic standard deduction is—
(A) 200 percent of the dollar amount in effect under subparagraph (C) for the taxable year in the case of—
(i) a joint return, or
(ii) a surviving spouse (as defined in section 2(a)),
(B) $4,400 in the case of a head of household (as defined in section 2(b)), or
(C) $3,000 in any other case.
(3) **Additional standard deduction for aged and blind** — For purposes of paragraph (1), the additional standard deduction is the sum of each additional amount to which the taxpayer is entitled under subse
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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
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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
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement to deduct and withhold**
(1) **In general** — In the case of any reportable payment, if—
(A) the payee fails to furnish his TIN to the payor in the manner required,
(B) the Secretary notifies the payor that the TIN furnished by the payee is incorrect,
(C) there has been a notified payee underreporting described in subsection (c), or
(D) there has been a payee certification failure described in subsection (d),
then the payor shall deduct and withhold from such payment a tax equal to the product of the fourth lowest rate of tax applicable under section 1(c) 11 See References in Text note below. and such payment.
(2) **Subparagraphs (C) and (D) of paragraph (1) apply only to interest and dividend payments** — Subparagraphs (C) and (D) of paragraph (1) shall apply only to reportable interest or dividend payments.
**(b) Reportable payment, etc.** For purposes of this section—
(1) **Reportable payment** — The term “reportable payment” means—
(A) any reportable interest or dividend payment, and
(B) any other reportable payment.
(2) **Reportable interest or dividend payment**
(A) *In general* — The term “reportable interest or dividend payment” means any payment of a kind, and to a payee, required to be shown on a return required under—
(i) section 6049(a) (relating to payments of interest),
(ii) section 6042(a) (relating to payments of dividends), or
(iii) section 6044 (relating to payments of patronage dividends) but only to the extent such payment is in money.
(B) *Special rule for patronage dividends* — For purposes of subparagraphs (C) and (D) of subsection (a)(1), the term “reportable interest or dividend payment” shall not include any payment to which section 6044 (relating to patronage dividends) applies un
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Federal law — U.S. Code and appendices · legal_authorities
Every person liable for any tax imposed by this title, or for the collection thereof, shall keep such records, render such statements, make such returns, and comply with such rules and regulations as the Secretary may from time to time prescribe. Whenever in the judgment of the Secretary it is necessary, he may require any person, by notice served upon such person or by regulations, to make such returns, render such statements, or keep such records, as the Secretary deems sufficient to show whether or not such person is liable for tax under this title. The only records which an employer shall be required to keep under this section in connection with charged tips shall be charge receipts, records necessary to comply with section 6053(c), and copies of statements furnished by employees under section 6053(a).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6001
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Returns regarding remuneration for services** If—
(1) any service-recipient engaged in a trade or business pays in the course of such trade or business during any calendar year remuneration to any person for services performed by such person, and
(2) the aggregate of such remuneration paid to such person during such calendar year equals or exceeds the dollar amount in effect for such calendar year under section 6041(a),
then the service-recipient shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments (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 the name and address of the recipient of such payments. For purposes of the preceding sentence, the term “service-recipient” means the person for whom the service is performed.
**(b) Direct sales of $5,000 or more**
(1) **In general** — If—
(A) any person engaged in a trade or business in the course of such trade or business during any calendar year sells consumer products to any buyer on a buy-sell basis, a deposit-commission basis, or any similar basis which the Secretary prescribes by regulations, for resale (by the buyer or any other person) in the home or otherwise than in a permanent retail establishment, and
(B) the aggregate amount of the sales to such buyer during such calendar year is $5,000 or more,
then such person shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth the name and address of the buyer to whom such sales are made.
(2) **Definitions** — For purposes of paragraph (1)—
(A) *Buy-sell basis* — A transaction is on a buy-sell b
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6041A
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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
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