§ 6699. Failure to file S corporation return
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/usc/title-26/section-6699A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General rule In addition to the penalty imposed by section 7203 (relating to willful failure to file return, supply information, or pay tax), if any S corporation required to file a return under section 6037 for any taxable year—
(1)fails to file such return at the time prescribed therefor (determined with regard to any extension of time for filing), or
(2)files a return which fails to show the information required under section 6037,
such S corporation shall be liable for a penalty determined under subsection
(b)for each month (or fraction thereof) during which such failure continues (but not to exceed 12 months), unless it is shown that such failure is due to reasonable cause.
(b)Amount per month For purposes of subsection (a), the amount determined under this subsection for any month is the product of—
(1)$195, multiplied by
(2)the number of persons who were shareholders in the S corporation during any part of the taxable year.
(c)Assessment of penalty The penalty imposed by subsection
(a)shall be assessed against the S corporation.
(d)Deficiency procedures not to apply Subchapter B of chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by subsection (a).
(e)Adjustment for inflation
(1)In general In the case of any return required to be filed in a calendar year beginning after 2014, the $195 dollar amount under subsection (b)(1) 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 2013” for “calendar year 2016” in subparagraph (A)(ii) thereof.
(2)Rounding If any amount adjusted under paragraph
(1)is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.
(Added Pub. L. 110–142, § 9(a), Dec. 20, 2007, 121 Stat. 1807; amended Pub. L. 110–458, title I, § 128(a), Dec. 23, 2008, 122 Stat. 5116; Pub. L. 111–92, § 16(a), Nov. 6, 2009, 123 Stat. 2996; Pub. L. 113–295, div. B, title II, § 208(e), Dec. 19, 2014, 128 Stat. 4073; Pub. L. 115–97, title I, § 11002(d)(1)(OO), Dec. 22, 2017, 131 Stat. 2061; Pub. L. 115–141, div. U, title IV, § 401(a)(299)(E), Mar. 23, 2018, 132 Stat. 1198.)
Inflation Adjusted Items for Certain Years
For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.
Connections14 cite this · traces to 7
Cited by 14 sections · top 8
statutes-at-large
- Public Law 97–448To make technical corrections in the Economic Recovery Tax Act of 1981 and certain other recent tax legislation
- Public Law 96–222To make technical corrections related to the Revenue Act of 1978
- Public Law 110–142To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes
- Public Law 98–369To provide for tax reform, and for deficit reduction
- Public Law 97–34To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes
- Public Law 95–600To amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes
- Public Law 110–458To make technical corrections related to the Pension Protection Act of 2006, and for other purposes
Traces to 7 documents
public-private-law
31 references not yet in our index
- Pub. L. 110–142, § 9(a)
- 121 Stat. 1807
- Pub. L. 110–458, title I, § 128(a)
- 122 Stat. 5116
- Pub. L. 111–92, § 16(a)
- 123 Stat. 2996
- 128 Stat. 4073
- 131 Stat. 2061
- 132 Stat. 1198
- Section 9(a) of Pub. L. 110–142
- Pub. L. 95–600, title I, § 141(c)(1)
- 92 Stat. 2794
- Pub. L. 96–222, title I, § 101(a)(7)(L)(iii)(VI)
- 94 Stat. 200
- Pub. L. 97–34, title III, § 331(c)(3)
- 95 Stat. 293
- Pub. L. 97–448, title I, § 103(g)(2)(B)
- 96 Stat. 2379
- Pub. L. 98–369, div. A, title IV, § 491(e)(9)
- 98 Stat. 853
- Pub. L. 99–514, title XVIII, § 1847(b)(9)
- 100 Stat. 2857
- Pub. L. 99–514, title XI, § 1171(b)(7)(A)
- 100 Stat. 2513
- section 1171(c) of Pub. L. 99–514
- Pub. L. 111–92
- Pub. L. 110–458
- section 16(b) of Pub. L. 111–92
- Pub. L. 110–458, title I, § 128(b)
- Pub. L. 110–142, § 9(c)
- 121 Stat. 1808
Citation graph
cites case law
§ 6699
Failure to file S corporation return
Stat.×13
U.S.C.×1
Pub. L.Pub. L. 110–142, § 9(a)
Stat.121 Stat. 1807
Pub. L.Pub. L. 110–458, title I, § 128(a)
Stat.122 Stat. 5116
Pub. L.Pub. L. 111–92, § 16(a)
Cites 38 · showing 12Cited by 14 across 2 sources