Sec. 806. PENALTY FOR FAILURE TO FILE CORRECT INFORMATION RETURNS AND PROVIDE PAYEE STATEMENTS
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## SEC. 806 PENALTY FOR FAILURE TO FILE CORRECT INFORMATION RETURNS AND PROVIDE PAYEE STATEMENTS ###
(a)In general Section 6721(a)(1) of the Internal Revenue Code of 1986 is amended— ####
(1)by striking “$100” and inserting “$250”; and ####
(2)by striking “$1,500,000” and inserting “$3,000,000”. ###
(b)Reduction where correction in specified period ####
(1)Correction within 30 days Section 6721(b)(1) of such Code is amended— #####
(A)by striking “$30” and inserting “$50”; #####
(B)by striking “$100” and inserting “$250”; and #####
(C)by striking “$250,000” and inserting “$500,000”. ####
(2)Failures corrected on or before august 1 Section 6721(b)(2) of such Code is amended— #####
(A)by striking “$60” and inserting “$100”; #####
(B)by striking “$100” (prior to amendment by subparagraph (A)) and inserting “$250”; and #####
(C)by striking “$500,000” and inserting “$1,500,000”. ###
(c)Lower limitation for persons with gross receipts of not more than $5,000,000 **[**[26 U.S.C. 6721](/us/usc/t26/s6721)**]** Section 6721(d)(1) of such Code is amended— ####
(1)in subparagraph (A)— #####
(A)by striking “$500,000” and inserting “$1,000,000”; and #####
(B)by striking “$1,500,000” and inserting “$3,000,000”; ####
(2)in subparagraph (B)— #####
(A)by striking “$75,000” and inserting “$175,000”; and #####
(B)by striking “$250,000” and inserting “$500,000”; and ####
(3)in subparagraph (C)— #####
(A)by striking “$200,000” and inserting “$500,000”; and #####
(B)by striking “$500,000” (prior to amendment by subparagraph (A)) and inserting “$1,500,000”. ###
(d)Penalty in case of intentional disregard Section 6721(e) of such Code is amended— ####
(1)by striking “$250” in paragraph
(2)and inserting “$500”; and ####
(2)by striking “$1,500,000” in paragraph (3)(A) and inserting “$3,000,000”. ###
(e)Failure To Furnish Correct Payee Statements ####
(1)In general Section 6722(a)(1) of such Code is amended— #####
(A)by striking “$100” and inserting “$250”; and #####
(B)by striking “$1,500,000” and inserting “$3,000,000”. ####
(2)Reduction Where Correction in Specified Period #####
(A)Correction within 30 days Section 6722(b)(1) of such Code is amended— ######
(i)by striking “$30” and inserting “$50”; ######
(ii)by striking “$100” and inserting “$250”; and ######
(iii)by striking “$250,000” and inserting “$500,000”. #####
(B)Failures corrected on or before august 1 Section 6722(b)(2) of such Code is amended— ######
(i)by striking “$60” and inserting “$100”; ######
(ii)by striking “$100” (prior to amendment by clause (i)) and inserting “$250”; and ######
(iii)by striking “$500,000” and inserting “$1,500,000”. ####
(3)Lower Limitation for Persons With Gross Receipts of Not More Than $5,000,000 Section 6722(d)(1) of such Code is amended— #####
(A)in subparagraph (A)— ######
(i)by striking “$500,000” and inserting “$1,000,000”; and ######
(ii)by striking “$1,500,000” and inserting “$3,000,000”; #####
(B)in subparagraph (B)— ######
(i)by striking “$75,000” and inserting “$175,000”; and ######
(ii)by striking “$250,000” and inserting “$500,000”; and #####
(C)in subparagraph (C)— ######
(i)by striking “$200,000” and inserting “$500,000”; and ######
(ii)by striking “$500,000” (prior to amendment by subparagraph (A)) and inserting “$1,500,000”. ####
(4)Penalty in Case of Intentional Disregard **[**[26 U.S.C. 6722](/us/usc/t26/s6722)**]** Section 6722(e) of such Code is amended— #####
(A)by striking “$250” in paragraph
(2)and inserting “$500”; and #####
(B)by striking “$1,500,000” in paragraph (3)(A) and inserting “$3,000,000”. ###
(f)Effective Date **[**[26 U.S.C. 6722 note](/us/usc/t26/s6722)**]** The amendments made by this section shall apply with respect to returns and statements required to be filed after December 31, 2015.
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Sec. 806
PENALTY FOR FAILURE TO FILE CORRECT INFORMATION RETURNS AND PROVIDE PAYEE STATEMENTS
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