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.48 Failure to File Correct Information Returns 6721

.49 Failure to Furnish Correct Payee Statements 6722

.50 Attorney Fee Awards 7430 .51 Periodic Payments Received under Qualified Long-Term Care 7702B(d) Insurance Contracts or under Certain Life Insurance Contracts SECTION 4. EFFECTIVE DATE SECTION 5. DRAFTING INFORMATION

SECTION 1. PURPOSE This revenue procedure sets forth inflation-adjusted items for 2016. SECTION 2. CHANGES .01 Section 202 of the Airport and Airways Extension Act of 2015, Pub. L. 114-55, amended § 4261(k)(1)(A)(ii) of the Internal Revenue Code (which governs the period of applicability of § 4261(b)(1), (c)(1), and (c)(3)). The effect of this amendment is to temporarily extend the passenger air transportation excise taxes of $3.00 for domestic travel, $12.00 for international travel, and $6.00 for departures beginning or ending in Alaska or Hawaii. These excise taxes apply to transportation taken through March 31, 2016. After this date, the taxes and rates will expire unless Congress renews them. .02 Section 2102 of the Small Business Jobs Act of 2010, Pub. L. 111-240, 124 Stat. 2504, provides that for each fifth calendar year beginning after 2012, the penalty under § 6721, Failure to File Correct Information Returns, and the penalty under § 6722, Failure to Furnish Correct Payee Statements, will be adjusted for inflation.

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Official source

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.48 Failure to File Correct Information Returns 6721

.49 Failure to Furnish Correct Payee Statements 6722

.50 Attorney Fee Awards 7430 .51 Periodic Payments Received under Qualified Long-Term Care 7702B(d) Insurance Contracts or under Certain Life Insurance Contracts SECTION 4. EFFECTIVE DATE SECTION 5. DRAFTING INFORMATION

SECTION 1. PURPOSE This revenue procedure sets forth inflation-adjusted items for 2016. SECTION 2. CHANGES .01 Section 202 of the Airport and Airways Extension Act of 2015, Pub. L. 114-55, amended § 4261(k)(1)(A)(ii) of the Internal Revenue Code (which governs the period of applicability of § 4261(b)(1), (c)(1), and (c)(3)). The effect of this amendment is to temporarily extend the passenger air transportation excise taxes of $3.00 for domestic travel, $12.00 for international travel, and $6.00 for departures beginning or ending in Alaska or Hawaii. These excise taxes apply to transportation taken through March 31, 2016. After this date, the taxes and rates will expire unless Congress renews them. .02 Section 2102 of the Small Business Jobs Act of 2010, Pub. L. 111-240, 124 Stat. 2504, provides that for each fifth calendar year beginning after 2012, the penalty under § 6721, Failure to File Correct Information Returns, and the penalty under § 6722, Failure to Furnish Correct Payee Statements, will be adjusted for inflation.