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.
Pub. L. 99–514, title XV, § 1501(a)100 Stat. 2733Pub. L. 101–239, title VII, § 7711(a)103 Stat. 2390(Added , , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 101–239section 6676 of this title1989— substituted “comply with other information reporting requirements” for “include correct information” in section catchline and amended text generally, substituting a single par. for former subsec. (a) stating general rule, subsec. (b) relating to penalty in case of intentional disregard, and subsec. (c) relating to coordination with former .
Statutory Notes and Related Subsidiaries
Effective Date of 1989 Amendment
Pub. L. 101–239section 7711(c) of Pub. L. 101–239section 6721 of this titleAmendment by applicable to returns and statements the due date for which (determined without regard to extensions) is after , see , set out as a note under .
Effective Date
section 1501(e) of Pub. L. 99–514section 6721 of this titleSection applicable to returns the due date for which (determined without regard to extensions) is after , see , set out as a note under .