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TREAS/IRS RIN: 1545-BN59 Publication ID: Fall 2022 
Title: De Minimis Error Exception to Penalties for Failure to File Correct Information Returns or Furnish Correct Payee Statements 

The final 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 
CFR Citation: 26 CFR 301.6721-0 (revision)    26 CFR 301.6721-1 (revision)    26 CFR 301.6722-1 (revision)    26 CFR 301.6724-1 (revision)   
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:  None
Action Date FR Cite
NPRM  10/17/2018  83 FR 52726   
NPRM Comment Period End  12/17/2018 
Final Action  03/00/2023 
Additional Information: REG-118826-16 (NPRM) Drafter attorney: Alexander Wu (202) 317-5198 Reviewer attorney: Pamela Fuller (202) 317-5450 Treasury attorney: Jarrett Jacinto (202) 997-5410 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:
Alexander Wu
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-5198