Page 32

32

Scenario Penalty Per Return Calendar Year Maximum Return other than a return required to be filed under §§ 6045(a), 6041A(b), 6050H, 6050I, 6050J, 6050K, or 6050L (§ 6721(e)(2)(A)) Greater of (i) $690, or (ii) 10% of aggregate amount of items required to be reported correctly No limit Return required to be filed under §§ 6045(a), 6050K, or 6050L (§ 6721(e)(2)(B)) Greater of (i) $690, or (ii) 5% of aggregate amount of items required to be reported correctly No limit

Return required to be filed under § 6050I(a) (§ 6721(e)(2)(C)) Greater of (i) $34,930, or (ii) amount of cash received up to $139,500 No limit

Return required to be filed under § 6050V (§ 6721(e)(2)(D)) Greater of (i) $690, 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 2027, 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 furnish correct payee statements: Scenario Penalty Per Statement Calendar Year Maximum General Rule (§ 6722(a)(1)) $340 $4,191,500 Corrected on or before 30 days after required furnishing date (§ 6722(b)(1)) $60 $698,500 Corrected after 30th day but on or before August 1, 2026 (§ 6722(b)(2)) $130 $2,095,500