N-2017-09: De Minimis Error Safe Harbor to the I.R.C. §§ 6721 and 6722 Penalties
Internal Revenue Service (IRS) sent this bulletin at 01/04/2017 10:05 AM EST
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Issue Number: ##line "Issue Number"##Inside This IssueNotice 2017-09 provides the requirements for making an election related to information returns and seeks comment on the matters discussed in the notice. Section 202 of the Protecting Americans from Tax Hikes Act of 2015 (P.L. 114-113) amended sections 6721 and 6722 to provide that an error on an information return or payee statement does not need to be corrected to avoid a penalty if the error relates to an incorrect dollar amount and differs from the correct amount by no more than $100 ($25 with respect to an amount of tax withheld). This safe harbor generally does not apply to a payee statement if a payee makes an election that the safe harbor not apply “at such time and in such manner as the Secretary may prescribe.” Notice 2017-09 will be in IRB 2017-04, dated 01/23/2017. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |