The IRS also issuedNotice 2011-89, which provides transitional relief from penalties under Secs. 6721 and 6722 for incorrect or incomplete information on information returns (Form 1099-K) and payee statements required under Sec. 6050W. Sec. 6050W requires any “payment settlement entity” to file...
The transitional good faith relief from penalties under Code Section 6721 and 6722 (i.e., the penalties for reporting incorrect or incomplete information on returns or individual statements) will not be extended for tax year 2021. The IRS concluded that this relief was no longer appropriate becaus...
including the penalties: (1) for failure to file a tax return, and failure to pay, under Sec. 6651, (2) for making an erroneous claim for refund or tax credit, under Sec. 6676; (3) for failure to file Form 1099 or other information reporting returns under Sec. 6721...