26 U.S.C. § 6725 — Failure to report information under section 4101
submitted 22 years ago by Pub. L. 108-357 to r/title-26-INTERNAL-REVENUE-CODE · 124 words · no verdicts yet
A person who fails to timely file a required vessel or facility report, or files one missing required or correct information, owes a $10,000 penalty plus any tax. Reasonable cause is an exception.
(a) For each failure in (b) concerning a vessel or facility, a person must pay $10,000 in addition to any tax. (b) The failures are (1) not making a section 4101(d) report by its deadline and (2) omitting required information from the report or including incorrect information. (c) No penalty applies to a failure shown to be caused by reasonable cause.
In the case of each failure described in subsection (b) by any person with respect to a vessel or facility, such person shall pay a penalty of $10,000 in addition to the tax (if any).
For purposes of subsection (a), the failures described in this subsection are—
any failure to make a report under section 4101(d) on or before the date prescribed therefor, and
any failure to include all of the information required to be shown on such report or the inclusion of incorrect information.
No penalty shall be imposed under this section with respect to any failure if it is shown that such failure is due to reasonable cause.
Source credit: (Added Pub. L. 108–357, title VIII, § 863(d)(1), Oct. 22, 2004, 118 Stat. 1620.)
- 2004Enacted · Pub. L. 108-357 · 118 Stat. 1620
A history note hasn’t been published yet. The record shows enactment by Pub. L. 108-357 on 2004-10-22.
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