Penalty for failure to furnish information return: daily monetary charge accrues and is subject to a statutory cap. A person required to furnish an information return who fails to do so within the period specified in the notice may be directed by the proper officer to pay a daily penalty at a fixed rate for each day the failure continues, subject to a maximum ceiling on the total penalty.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for failure to furnish information return: daily monetary charge accrues and is subject to a statutory cap.
A person required to furnish an information return who fails to do so within the period specified in the notice may be directed by the proper officer to pay a daily penalty at a fixed rate for each day the failure continues, subject to a maximum ceiling on the total penalty.
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