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received up to $111,000 Return required to be filed under § 6050V (§ 6721(e)(2)(D)) Greater of (i) $550, or (ii) 10% of the value of the benefit of any contract with respect to which information is required to be included on the return

No limit

.58 Failure to Furnish Correct Payee Statements. In the case of any failure relating to a statement required to be furnished in 2020, 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: Scenario Penalty Per Return Calendar Year Maximum General Rule (§ 6722(a)(1)) $270 $3,339,000 Corrected on or before 30 days after required filing date (§ 6722(b)(1))

$50

$556,500 Corrected after 30th day but on or before August 1 (§ 6722(b)(2))

$110

$1,669,500

(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: Scenario Penalty Per Return Calendar Year Maximum General Rule (§ 6722(d)(1)(A)) $270 $1,113,000 Corrected on or before 30 days after required filing date (§ 6722(d)(1)(B))

$50

$194,500 Corrected after 30th day but on or before August 1 (§ 6722(d)(1)(C))

$110

$556,500