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26 U.S.C. § 6721 — Failure to file correct information returns

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26 U.S.C. § 6721 — Failure to file correct information returns

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Source location: Title 26, Chapter 68, § 6721; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md

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**(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 information return is filed with the Secretary, (B) there is a failure described in subsection (a)(2)(B) (determined after the application of section 6724(a)) with respect to such return, and (C) such failure is corrected on or before August 1 of the calendar year in which the required filing date occurs, for purposes of this section, such return shall be treated as having been filed with all of the correct required information. (2) **Limitation** — The number of information returns 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 information returns required to be filed by the person during the calendar year. (3) **Safe harbor for certain de minimis errors** (A) *In general* — If, with respect to an information return filed with the Secretary— (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 information return differs from the correct amount by more than $25, then no correction shall be required and, for purposes of this section, such return shall be treated as having been filed with all of the correct required information. (B) *Exception* — Subparagraph (A) shall not apply with respect to any incorrect dollar amount to the extent that such error relates to an amount with respect to which an election is made under section 6722(c)(3)(B). (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) *In general* — A person meets the gross receipts test of this paragraph for any calendar year if the average annual gross receipts of such person for the most recent 3 taxable years ending before such calendar year do not exceed $5,000,000. (B) *Certain rules made applicable* — For purposes of subparagraph (A), the rules of paragraphs (2) and (3) of section 448(c) shall apply. **(e) Penalty in case of intentional disregard** If 1 or more failures described in subsection (a)(2) are due to intentional disregard of the filing requirement (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) shall be $500, or, if greater— (A) in the case of a return other than a return required under section 6045(a), 6041A(b), 6050H, 6050I, 6050J, 6050K, or 6050L, 10 percent of the aggregate amount of the items required to be reported correctly, (B) in the case of a return required to be filed by section 6045(a), 6050K, or 6050L, 5 percent of the aggregate amount of the items required to be reported correctly, (C) in the case of a return required to be filed under section 6050I(a) with respect to any transaction (or related transactions), the greater of— (i) $25,000, or (ii) the amount of cash (within the meaning of section 6050I(d)) received in such transaction (or related transactions) to the extent the amount of such cash does not exceed $100,000, or (D) in the case of a return required to be filed under section 6050V, 10 percent of the value of the benefit of any contract with respect to which information is required to be included on the return, 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 (or any similar limitation under subsection (b)) to penalties not determined under paragraph (2). **(f) Adjustment for inflation** (1) **In general** — In the case of any failure relating to a return required to be filed in a calendar year beginning after 2014, each of the dollar amounts under subsections (a), (b), (d) (other than paragraph (2)(A) thereof), 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

26 U.S.C. § 6651 — Failure to file tax return or to pay tax

**(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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26 U.S.C. § 6678 — Repealed. Pub. L. 99–514, title XV, § 1501(d)(2), Oct. 22, 1986, 100 Stat. 2740]

### Statutory Notes Section, added Pub. L. 87–834, § 19(e), Oct. 16, 1962, 76 Stat. 1058; amended Pub. L. 88–272, title II, §§ 204(c)(2), 221(b)(3), Feb. 26, 1964, 78 Stat. 37, 75; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 96–167, § 7(b)(2), Dec. 29, 1979, 93 Stat. 1277; Pub. L. 97–34, title VII, § 723(a)(2), (b)(2), Aug. 13, 1981, 95 Stat. 343, 344; Pub. L. 97–248, title III, §§ 309(b)(3), 311(a)(2), 312(b), 314(b), 315(c), Sept. 3, 1982, 96 Stat. 595, 600, 602, 605, 607; Pub. L. 97–448, title II, § 201(i)(3), Jan. 12, 1983, 96 Stat. 2395; Pub. L. 98–67, title I, § 105(b)(2), Aug. 5, 1983, 97 Stat. 381; Pub. L. 98–369, div. A, title I, §§ 145(b)(3), 146(b)(3), 148(b)(3), 149(b)(2), (3), 155(b)(2)(B), title VII, § 714(f), (q)(3), July 18, 1984, 98 Stat. 685, 686, 689, 690, 693, 961, 966; Pub. L. 99–514, title XVIII, § 1811(c)(1), Oct. 22, 1986, 100 Stat. 2833, related to penalties for failure to furnish certain statements. #### Effective Date of Repeal Repeal applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99–514, set out as an Effective Date note under [section 6721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6721&num=0&edition=prelim).

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26 U.S.C. § 6045 — Returns of brokers

**(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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26 U.S.C. § 1 — Tax imposed

**(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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26 U.S.C. § 6722 — Failure to furnish correct payee statements

**(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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26 U.S.C. § 24 — Child tax credit

**(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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26 U.S.C. § 219 — Retirement savings

**(a) Allowance of deduction** In the case of an individual, there shall be allowed as a deduction an amount equal to the qualified retirement contributions of the individual for the taxable year. **(b) Maximum amount of deduction** (1) **In general** — The amount allowable as a deduction under subsection (a) to any individual for any taxable year shall not exceed the lesser of— (A) the deductible amount, or (B) an amount equal to the compensation includible in the individual’s gross income for such taxable year. (2) **Special rule for employer contributions under simplified employee pensions** — This section shall not apply with respect to an employer contribution to a simplified employee pension. (3) **Plans under section 501(c)(18)** — Notwithstanding paragraph (1), the amount allowable as a deduction under subsection (a) with respect to any contributions on behalf of an employee to a plan described in section 501(c)(18) shall not exceed the lesser of— (A) $7,000, or (B) an amount equal to 25 percent of the compensation (as defined in section 415(c)(3)) includible in the individual’s gross income for such taxable year. (4) **Special rule for simple retirement accounts** — This section shall not apply with respect to any amount contributed to a simple retirement account established under section 408(p). (5) **Deductible amount** — For purposes of paragraph (1)(A)— (A) *In general* — The deductible amount is $5,000. (B) *Catch-up contributions for individuals 50 or older* (i) *In general* — In the case of an individual who has attained the age of 50 before the close of the taxable year, the deductible amount for such taxable year shall be increased by the applicable amount. (ii) *Applicable amount* — For purposes of clause (i), the app

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26 U.S.C. § 6017A — Repealed. Pub. L. 101–239, title VII, § 7711(b)(1), Dec. 19, 1989, 103 Stat. 2393]

### Statutory Notes Section, added Pub. L. 92–512, title I, § 144(a)(1), Oct. 20, 1972, 86 Stat. 935; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834, related to place of residence. #### Effective Date of Repeal Repeal applicable to returns and statements the due date for which (determined without regard to extensions) is after Dec. 31, 1989, see section 7711(c) of Pub. L. 101–239, set out as an Effective Date of 1989 Amendment note under [section 6721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6721&num=0&edition=prelim).

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26 U.S.C. § 6031 — Return of partnership income

**(a) General rule** Every partnership (as defined in section 761(a)) shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by subtitle A, and such other information, for the purpose of carrying out the provisions of subtitle A as the Secretary may by forms and regulations prescribe, and shall include in the return the names and addresses of the individuals who would be entitled to share in the taxable income if distributed and the amount of the distributive share of each individual. **(b) Copies to partners** Each partnership required to file a return under subsection (a) for any partnership taxable year shall (on or before the day on which the return for such taxable year was required to be filed) furnish to each person who is a partner or who holds an interest in such partnership as a nominee for another person at any time during such taxable year a copy of such information required to be shown on such return as may be required by regulations. Information required to be furnished by the partnership under this subsection may not be amended after the due date of the return under subsection (a) to which such information relates, except— (1) in the case of a partnership which has elected the application of section 6221(b) for the taxable year, (2) as provided in the procedures under section 6225(c), (3) with respect to statements under section 6226, or (4) as otherwise provided by the Secretary. **(c) Nominee reporting** Any person who holds an interest in a partnership as a nominee for another person— (1) shall furnish to the partnership, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for such taxable year as the Secretary may by f

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26 U.S.C. § 6033 — Returns by exempt organizations

**(a) Organizations required to file** (1) **In general** — Except as provided in paragraph (3), every organization exempt from taxation under section 501(a) shall file an annual return, stating specifically the items of gross income, receipts, and disbursements, and such other information for the purpose of carrying out the internal revenue laws as the Secretary may by forms or regulations prescribe, and shall keep such records, render under oath such statements, make such other returns, and comply with such rules and regulations as the Secretary may from time to time prescribe; except that, in the discretion of the Secretary, any organization described in section 401(a) may be relieved from stating in its return any information which is reported in returns filed by the employer which established such organization. (2) **Being a party to certain reportable transactions** — Every tax-exempt entity described in section 4965(c) shall file (in such form and manner and at such time as determined by the Secretary) a disclosure of— (A) such entity’s being a party to any prohibited tax shelter transaction (as defined in section 4965(e)), and (B) the identity of any other party to such transaction which is known by such tax-exempt entity. (3) **Exceptions from filing** (A) *Mandatory exceptions* — Paragraph (1) shall not apply to— (i) churches, their integrated auxiliaries, and conventions or associations of churches, (ii) any organization (other than a private foundation, as defined in section 509(a)) described in subparagraph (C), the gross receipts of which in each taxable year are normally not more than $5,000, or (iii) the exclusively religious activities of any religious order. (B) *Discretionary exceptions* — The Secretary may relieve any or

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