TD XXXX - De Minimis Error Safe Harbor Exceptions to Penalties for Failure to File Correct Information Returns or Furnish Correct Payee Statements
New collection (Request for a new OMB Control Number)
No
Regular
01/25/2022
Requested
Previously Approved
36 Months From Approved
16,123,292
0
992,102
0
0
0
Under sections 6721 and 6722 payees may elect that an exception to penalties not apply so that penalties may apply if filers don't provide corrected returns and statements. The collection of information will be the election, revocation of the election, notification of the election, and specified record retention regarding these actions. The collection is necessary for the effective operation of the exception and election. Respondents are payees or filers.
US Code:
26 USC 6721
Name of Law: Failure to file correct information returns
PL:
Pub.L. 114 - 113 202
Name of Law: Protecting Americans from Tax Hikes Act of 2015 (PATH Act)
US Code:
26 USC 6722
Name of Law: Failure to furnish correct payee statements
This is a new information collection implementing PL 114-113 (Protecting Americans from Tax Hikes Act) regarding the de minimis error safe harbor exceptions from information reporting penalties under Internal Revenue Code (IRC) sections 6721 and 6722.
$0
No
No
No
No
No
No
No
Alexande Wu 202 317-5198
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
SUP STAT. (TD-XXXX) -- De Minimis Error Safe Harbor Final Regulation (Updated 1192022) (003).docx
De Minimis Error Safe Harbor Exceptions to Penalties for Failure to File Correct Information Returns or Furnish Correct Payee Statements