In the case of a failure by any person to comply with a specified information reporting
requirement on or before the time prescribed therefor, such person shall pay a penalty
of $50 for each such failure, but the total amount imposed on such person for all
such failures during any calendar year shall not exceed $100,000.
(Added Pub. L. 99-514, title XV, Sec. 1501(a), Oct. 22, 1986, 100 Stat. 2733, and amended Pub. L. 101-239, title VII, Sec. 7711(a), Dec. 19, 1989, 103 Stat. 2390.)
1989 - Pub. L. 101-239 substituted
‘comply with other information reporting requirements’ for ‘include correct information’
in section catchline and amended text generally, substituting a single par. for former
subsec. (a) stating general rule, subsec. (b) relating to penalty in case of intentional
disregard, and subsec. (c) relating to coordination with former section 6676 of this
EFFECTIVE DATE OF 1989 AMENDMENT
Amendment by Pub. L. 101-239 applicable to returns and statements the due date for which (determined without regard
to extensions) is after Dec. 31, 1989, see section 7711(c) of Pub. L. 101-239, set out as a note under section 6721 of this title.
Section applicable to returns the due date for which (determined without regard to
extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99-514, set out as a note under section 6721 of this title.