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20.1.7.3
(11-16-2007)
Failure to File Correct Information Returns IRC section 6721
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For information returns or statements, a penalty may be imposed for filing returns:
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After the due date,
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Without all required or correct information, (including missing, incorrect and/or not currently issued TINs),
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On paper when required to be filed on magnetic media, or
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When filed on magnetic or electronic media, in a manner which does not allow them to be processed or be read by machine (not
processable).
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The penalty for information returns is $50 per return with a maximum of $250,000 per calendar year. This amount is subject
to the reductions and limitations outlined in IRC 6721, 6722 and 6723.
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