Treasury Department Final Rule

2024-01924: Procedure and Administration

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What this rule does

This regulation corrects an error in the existing federal tax rules regarding penalties for failing to file correct information returns. It reinstates a specific section that outlines the penalties for returns not due on February 28 or March 15, including changes to the amounts based on when the failure is corrected.

Plain-language description generated by AI — not the agency’s official summary, which we have not captured for this rule. Read the official text →

The rule, in full

235 words as published, January 30, 2024. View the original →

Federal Register, Volume 89 Issue 20 (Tuesday, January 30, 2024) [Federal Register Volume 89, Number 20 (Tuesday, January 30, 2024)] [Rules and Regulations] [Page 5768] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2024-01924] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 301 Procedure and Administration CFR Correction This rule is being published by the Office of the Federal Register to correct an editorial or technical error that appeared in the most recent annual revision of the Code of Federal Regulations. 0 In Title 26 of the Code of Federal Regulations, Parts 300 to 499, revised as of April 1, 2023, amend section 301.6721-1 by reinstating paragraph (b)(6) to read as follows: Sec. 301.6721-1 Failure to file correct information returns. * * * * * (b) * * * (6) Application to returns not due on February 28, or March 15. For returns that are not due on February 28 or March 15 (for example, Forms 8300 reporting certain cash payments of $10,000 or more), the penalty is $15 if the failure is corrected within 30 days. If the failure is corrected after 30 days, the penalty is $50 rather than $30. There is no period during which the penalty is reduced to $30 under paragraph (b)(2) of this section. * * * * * [FR Doc. 2024-01924 Filed 1-29-24; 8:45 am] BILLING CODE 0099-10-P

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