IRS Form: Correction to Penalty Amounts in Instructions for Certain Information Returns (IRC §6721)

Correction to penalty amounts under tax code Section 6721 and Section 6722 in Section O in the General Instructions for Certain Information Returns, provided by the IRS. In Revenue Procedure 2018-18, the IRS decreased the penalties for failure to file correct information returns for returns required to be filed in 2019, and provide correct payee statements in 2019. [IRS Correction to 2018 General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G) (Oct. 12, 2018)]

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