No penalty shall be imposed under this part with respect to any failure if it is shown that such failure is due to reasonable cause and not to willful neglect.
Any penalty imposed by this part shall be paid on notice and demand by the Secretary and in the same manner as tax.
No penalty shall be imposed under section 6721 solely by reason of any failure to comply with the requirements of the regulations prescribed under , except to the extent that such a failure occurs with respect to more than the applicable number (determined under with respect to the calendar year to which such returns relate) of information returns or with respect to a return described in .
(1) Information return
The term “information return” means—
(A) any statement of the amount of payments to another person required by—
any statement of the amount of payments to another person required by—
(i) or (b) (relating to certain information at source),
(ii) (relating to payments of dividends),
(iii) (relating to payments of patronage dividends),
(iv) (relating to payments of interest),
(v) (relating to reporting requirements of certain fishing boat operators),
(vi) (relating to payments of royalties),
(vii) (relating to information returns with respect to income tax withheld),
(viii) section 6050R (relating to returns relating to certain purchases of fish), or
(ix) (relating to qualified lessee construction allowances for short-term leases),
(B) any return required by—
any return required by—
(i) or (b) (relating to returns of direct sellers),
(ii) (relating to returns relating to taxable mergers and acquisitions),
(iii) or (d) (relating to returns of brokers),
(iv) (relating to returns relating to actions affecting basis of specified securities),
(v) or (h)(1) (relating to mortgage interest received in trade or business from individuals),
(vi) or (g)(1) (relating to cash received in trade or business, etc.),
(vii) (relating to foreclosures and abandonments of security),
(viii) (relating to exchanges of certain partnership interests),
(ix) (relating to returns relating to certain dispositions of donated property),
(x) section 6050P (relating to returns relating to the cancellation of indebtedness by certain financial entities),
(xi) section 6050Q (relating to certain long-term care benefits),
(xii) section 6050S (relating to returns relating to payments for qualified tuition and related expenses),
(xiii) section 6050T (relating to returns relating to credit for health insurance costs of eligible individuals),
(xiv) (relating to reporting payment of wages in the form of group-life insurance),
(xv) section 6050V (relating to returns relating to applicable insurance contracts in which certain exempt organizations hold interests),
(xvi) (relating to reporting with respect to certain tips),
(xvii) subsection (b) or (e) of section 1060 (relating to reporting requirements of transferors and transferees in certain asset acquisitions),
(xviii) (relating to information reporting with respect to fuels taxes),
(xix) subparagraph (C) of (relating to information required to be furnished to the Secretary in case of elective recognition of gain or loss),
(xx) (relating to reporting with respect to certain life insurance and annuity contracts),
(xxi) section 6050U (relating to charges or payments for qualified long-term care insurance contracts under combined arrangements),
(xxii) (relating to returns required with respect to certain options),
(xxiii) section 6050W (relating to returns to payments made in settlement of payment card transactions),
(xxiv) section 6055 (relating to returns relating to information regarding health insurance coverage),
(xxv) section 6056 (relating to returns relating to certain employers required to report on health insurance coverage),
(xxvi) section 6050Y (relating to returns relating to certain life insurance contract transactions),
(xxvii) (relating to returns for certain digital assets),
(C) any statement of the amount of payments to another person required to be made to the Secretary under—
any statement of the amount of payments to another person required to be made to the Secretary under—
(i) (relating to reports with respect to individual retirement accounts or annuities), or
(ii) (relating to reports by employers, plan administrators, etc.), and
(D) any statement required to be filed with the Secretary under section 6035.
Such term also includes any form, statement, or schedule required to be filed with the Secretary under chapter 4 or with respect to any amount from which tax was required to be deducted and withheld under chapter 3 (or from which tax would be required to be so deducted and withheld but for an exemption under this title or any treaty obligation of the United States).
(2) Payee statement
The term “payee statement” means any statement required to be furnished under—
(A) or (c), 6034A, or 6037(b) (relating to statements furnished by certain pass-thru entities),
(B) (relating to information required in connection with certain options),
(C) (relating to information at source),
(D) (relating to returns regarding payments of remuneration for services and direct sales),
(E) (relating to returns regarding payments of dividends and corporate earnings and profits),
(F) subsections (b) and (d) of section 6043A (relating to returns relating to taxable mergers and acquisitions),
(G) (relating to returns regarding payments of patronage dividends),
(H) or (d) (relating to returns of brokers),
(I) section 6045A (relating to information required in connection with transfers of covered securities to brokers),
(J) subsections (c) and (e) of section 6045B (relating to returns relating to actions affecting basis of specified securities),
(K) (relating to returns regarding payments of interest),
(L) (relating to reporting requirements of certain fishing boat operators),
(M) or (h)(2) (relating to returns relating to mortgage interest received in trade or business from individuals),
(N) or paragraph (4) or (5) of (relating to cash received in trade or business, etc.),
(O) (relating to returns relating to foreclosures and abandonments of security),
(P) (relating to returns relating to exchanges of certain partnership interests),
(Q) (relating to returns relating to certain dispositions of donated property),
(R) (relating to returns regarding payments of royalties),
(S) (relating to returns relating to the cancellation of indebtedness by certain financial entities),
(T) (relating to certain long-term care benefits),
(U) (relating to returns relating to certain purchases of fish),
(V) section 6051 (relating to receipts for employees),
(W) (relating to returns regarding payment of wages in the form of group-term life insurance),
(X) or (c) (relating to reports of tips),
(Y) (relating to foreign trust reporting requirements),
(Z) (relating to reports with respect to individual retirement plans) to any person other than the Secretary with respect to the amount of payments made to such person,
(AA) (relating to reports by plan administrators) to any person other than the Secretary with respect to the amount of payments made to such person,
(BB) (relating to returns relating to qualified tuition and related expenses),
(CC) (relating to reporting with respect to certain life insurance and annuity contracts),
(DD) section 6050T (relating to returns relating to credit for health insurance costs of eligible individuals),
(EE) section 6050U (relating to charges or payments for qualified long-term care insurance contracts under combined arrangements),
(FF) (relating to returns relating to payments made in settlement of payment card transactions),
(GG) (relating to statements relating to information regarding health insurance coverage),
(HH) (relating to statements relating to certain employers required to report on health insurance coverage),
(II) section 6035 (other than a statement described in paragraph (1)(D)), or
(JJ)
(JJ)
Such term also includes any form, statement, or schedule required to be furnished to the recipient of any amount from which tax was required to be deducted and withheld under chapter 3 or 4 (or from which tax would be required to be so deducted and withheld but for an exemption under this title or any treaty obligation of the United States).
(3) Specified information reporting requirement
The term “specified information reporting requirement” means—
(A) the notice required by (relating to requirement that transferor notify partnership of exchange),
(B) any requirement contained in the regulations prescribed under section 6109 that a person—
any requirement contained in the regulations prescribed under section 6109 that a person—
(i) include his TIN on any return, statement, or other document (other than an information return or payee statement),
(ii) furnish his TIN to another person, or
(iii) include on any return, statement, or other document (other than an information return or payee statement) made with respect to another person the TIN of such person,
(C) any requirement under section 6109(h) that—
any requirement under section 6109(h) that—
(i) a person include on his return the name, address, and TIN of another person, or
(ii) a person furnish his TIN to another person.
(4) Required filing date
The term “required filing date” means the date prescribed for filing an information return with the Secretary (determined with regard to any extension of time for filing).
If any partnership return under is required under to be filed on magnetic media or in other machine-readable form, for purposes of this part, each schedule required to be included with such return with respect to each partner shall be treated as a separate information return.
No penalty shall be imposed under section 6721 or 6722 solely by reason of failing to provide the TIN of an individual on a return or statement required by if the eligible educational institution required to make such return contemporaneously makes a true and accurate certification under penalty of perjury (and in such form and manner as may be prescribed by the Secretary) that it has complied with standards promulgated by the Secretary for obtaining such individual’s TIN.
(1) a person makes a return or report under or 408(i) with respect to any distribution,
(2) such distribution is made following a rollover, transfer, or exchange described in or ,
(3) in making such return or report the person relies upon a certification provided by the taxpayer that the distributions satisfy the requirements of or , as applicable, and
(4) such person does not have actual knowledge that the distributions do not satisfy such requirements.