View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
TREAS/IRS | RIN: 1545-BN71 | Publication ID: Spring 2018 |
Title: De Minimis Error Exception to Penalties for Failure to File Correct Information Returns or Furnish Correct Payee Statements | |
Abstract:
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: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
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:
|
||||||||
Overall Description of Deadline: The changes of which the temporary regulations address safe harbor rules. |
||||||||
Timetable:
|
Additional Information: REG-118826-16 (Temp) 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: No | Government Levels Affected: None |
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 Email: mark.a.bond@irscounsel.treas.gov |