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26 U.S.C. § 6679 — Failure to file returns, etc., with respect to foreign corporations or foreign partnerships

submitted 64 years ago by Pub. L. 87-834 to r/title-26-INTERNAL-REVENUE-CODE · 201 words · no verdicts yet

in plain englishAI-generated · not legal advice

A person who must file certain returns about foreign corporations or partnerships and files late or incompletely generally owes $10,000. If the failure continues after notice, monthly penalties may add up to $50,000, and deficiency procedures do not apply.

(a) Civil penalty. (1) A person required to file under section 6046 or 6046A who files late or files a return missing required information owes $10,000, unless reasonable cause is shown. (2) If the failure continues more than 90 days after the Secretary mails notice to the United States person, that person owes an additional $10,000 for each later 30-day period or part of one, but the increase cannot exceed $50,000. (b) Deficiency procedures. Subchapter B of chapter 63 does not apply to assessment or collection of this penalty.

the actual law source: uscode.house.gov ↗public domain
(a) Civil penalty
(1) In general

In addition to any criminal penalty provided by law, any person required to file a return under section 6046 or 6046A who fails to file such return at the time provided in such section, or who files a return which does not show the information required pursuant to such section, shall pay a penalty of $10,000, unless it is shown that such failure is due to reasonable cause.

(2) Increase in penalty where failure continues after notification

If any failure described in paragraph (1) continues for more than 90 days after the day on which the Secretary mails notice of such failure to the United States person, such person shall pay a penalty (in addition to the amount required under paragraph (1)) of $10,000 for each 30-day period (or fraction thereof) during which such failure continues after the expiration of such 90-day period. The increase in any penalty under this paragraph shall not exceed $50,000.

(b) Deficiency procedures not to apply

Subchapter B of chapter 63 (relating to deficiency procedure for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by subsection (a).

Source credit: (Added Pub. L. 87–834, § 20(c), Oct. 16, 1962, 76 Stat. 1062; amended Pub. L. 91–172, title I, § 101(j)(54), Dec. 30, 1969, 83 Stat. 532; Pub. L. 93–406, title II, § 1016(a)(22), Sept. 2, 1974, 88 Stat. 931; Pub. L. 97–248, title III, § 340(b)(1), (2), title IV, § 405(b), (c)(2), Sept. 3, 1982, 96 Stat. 634, 670; Pub. L. 97–448, title III, § 306(c)(2), Jan. 12, 1983, 96 Stat. 2406; Pub. L. 105–34, title XI, § 1143(b), Aug. 5, 1997, 111 Stat. 983; Pub. L. 108–357, title IV, § 413(c)(29), Oct. 22, 2004, 118 Stat. 1509; Pub. L. 115–141, div. U, title IV, § 401(a)(308), Mar. 23, 2018, 132 Stat. 1199.)

history & why it existsrecord from the source credit
  • 1962Enacted · Pub. L. 87-834 · 76 Stat. 1062
  • 1969Amended · Pub. L. 91-172 · 83 Stat. 532
  • 1974Amended · Pub. L. 93-406 · 88 Stat. 931
  • 1982Amended · Pub. L. 97-248 · 96 Stat. 634, 670
  • 1983Amended · Pub. L. 97-448 · 96 Stat. 2406
  • 1997Amended · Pub. L. 105-34 · 111 Stat. 983
  • 2004Amended · Pub. L. 108-357 · 118 Stat. 1509
  • 2018Amended · Pub. L. 115-141 · 132 Stat. 1199

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-834 on 1962-10-16.

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