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TREAS/IRS RIN: 1545-BN59 Publication ID: Fall 2016 
Title: ●De Minimis Safe Harbor Exception to Penalties for Failure to Timely File Correct Information Returns or Failure to Timely Furnish 

The temporary regulations contain safe harbor rules that for purposes of the section 6721 penalty for failure to file correct information returns and section 6722 penalty for failure to furnish correct payee statements generally treat as correct a payee statement or corresponding information return containing one or more de minimis errors relating to an incorrect dollar amount. They prescribe the time and manner in which a recipient of a payee statement may elect not to have the safe harbor rules apply. They also contain updated penalty amounts and updated references to information reporting obligations.

Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 26 CFR 301.6721-0 (revision)    26 CFR 301.6721-0T (new)    26 CFR 301.6721-1 (revision)    26 CFR 301.6721-1T (new)    26 CFR 301.6722-1 (revision)    26 CFR 301.6722-1T (new)    26 CFR 301.6724-1 (revision)    26 CFR 301.6724-1T (new)   
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 6721(c)(3)(C)    26 U.S.C. 6722(c)(3)(C)   
Legal Deadline:
Action Source Description Date
NPRM  Statutory  The PATH Act of 2015, the changes of which the temporary regulations address  12/31/2016 
Action Date FR Cite
NPRM  12/00/2016 
Additional Information: REG-118826-16 (NPRM) Drafter attorney: Mark A. Bond (202) 317-5204 Reviewer attorney: Ashton (Hap) Trice (202) 317-5144 Treasury attorney: Rochelle Hodes (202) 622-1787 CC:PA:02
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Mark Bond
General Attorney (Tax)
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 5217,
Washington, DC 20224
Phone:202 317-6844
Fax:202 317-5142