124 STAT. 2562 PUBLIC LAW 111–240—SEPT. 27, 2010 (1) IN GENERAL.—Paragraph (1) of section 6721(d) of the Internal Revenue Code of 1986 is amended— (A) by striking ‘‘$100,000’’ in subparagraph (A) and inserting ‘‘$500,000’’, (B) by striking ‘‘$25,000’’ in subparagraph (B) and inserting ‘‘$75,000’’, and (C) by striking ‘‘$50,000’’ in subparagraph (C) and inserting ‘‘$200,000’’. (2) TECHNICAL AMENDMENT.—Paragraph (1) of section 6721(d) of such Code is amended by striking ‘‘such taxable year’’ and inserting ‘‘such calendar year’’. (e) PENALTY IN CASE OF INTENTIONAL DISREGARD.—Paragraph (2) of section 6721(e) of the Internal Revenue Code of 1986 is amended by striking ‘‘$100’’ and inserting ‘‘$250’’. (f) ADJUSTMENT FOR INFLATION.—Section 6721 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: ‘‘(f) ADJUSTMENT FOR INFLATION.— ‘‘(1) IN GENERAL.—For each fifth calendar year beginning after 2012, each of the dollar amounts under subsections (a), (b), (d) (other than paragraph (2)(A) thereof), and (e) shall be increased by such dollar amount multiplied by the cost- of-living adjustment determined under section 1(f)(3) deter- mined by substituting ‘calendar year 2011’ for ‘calendar year 1992’ in subparagraph (B) thereof. ‘‘(2) ROUNDING.—If any amount adjusted under paragraph (1)— ‘‘(A) is not less than $75,000 and is not a multiple of $500, such amount shall be rounded to the next lowest multiple of $500, and ‘‘(B) is not described in subparagraph (A) and is not a multiple of $10, such amount shall be rounded to the next lowest multiple of $10.’’. (g) FAILURE TO FURNISH CORRECT PAYEE STATEMENTS.—Section 6722 of the Internal Revenue Code of 1986 is amended to read as follows: ‘‘SEC. 6722. FAILURE TO FURNISH CORRECT PAYEE STATEMENTS. ‘‘(a) IMPOSITION OF PENALTY.— ‘‘(1) GENERAL RULE.—In the case of each failure described in paragraph (2) by any person with respect to a payee state- ment, such person shall pay a penalty of $100 for each state- ment with respect to which such a failure occurs, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $1,500,000. ‘‘(2) FAILURES SUBJECT TO PENALTY.—For purposes of para- graph (1), the failures described in this paragraph are— ‘‘(A) any failure to furnish a payee statement on or before the date prescribed therefor to the person to whom such statement is required to be furnished, and ‘‘(B) any failure to include all of the information required to be shown on a payee statement or the inclusion of incorrect information. ‘‘(b) REDUCTION WHERE CORRECTION IN SPECIFIED PERIOD.— ‘‘(1) CORRECTION WITHIN 30 DAYS.—If any failure described in subsection (a)(2) is corrected on or before the day 30 days after the required filing date— 26 USC 6722. 26 USC 6721.
