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value of the benefit of any contract with respect to which information is required to be included on the return

.49 Failure to Furnish Correct Payee Statements. For tax years beginning in 2016, the penalty amounts under § 6722 are: (1) for persons with average annual gross receipts for the most recent three taxable years of more than $5,000,000, for failure to file correct information returns are: Scenario Penalty Per Return Calendar Year Maximum General Rule (§ 6722(a)(1)) $260 $3,193,000 Corrected on or before 30 days after required filing date (§ 6722(b)(1))

$50

$532,000 Corrected after 30th day but on or before August 1 (§ 6722(b)(2))

$100

$1,596,500

(2) for persons with average annual gross receipts for the most recent 3 taxable years of $5,000,000 or less, for failure to file correct information returns are: Scenario Penalty Per Return Calendar Year Maximum General Rule (§ 6722(d)(1)(A)) $260 $1,064,000 Corrected on or before 30 days after required filing date (§ 6722(d)(1)(B))

$50

$186,000 Corrected after 30th day but on or before August 1 (§ 6722(d)(1)(C))

$100

$532,000