Bloomberg Bloomberg
Comprehensive Tax Research. Practitioner to Practitioner. ®

Sec. 6725. Failure To Report Information Under Section 4101.

I.R.C. § 6725(a) In General-
In the case of each failure described in subsection (b) by any person with respect to a vessel or facility, such person shall pay a penalty of $10,000 in addition to the tax (if any).
I.R.C. § 6725(b) Failures Subject To Penalty-
For purposes of subsection (a), the failures described in this subsection are--
I.R.C. § 6725(b)(1)
any failure to make a report under section 4101(d) on or before the date prescribed therefor, and
I.R.C. § 6725(b)(2)
any failure to include all of the information required to be shown on such report or the inclusion of incorrect information.
I.R.C. § 6725(c) Reasonable Cause Exception-
No penalty shall be imposed under this section with respect to any failure if it is shown that such failure is due to reasonable cause.
(Added by Pub. L. 108-357, title VIII, Sec. 863(d)(1), Oct. 22, 2004, 118 Stat. 1418.)
Background Notes
Effective for penalties imposed after December 31, 2004.