Page:United States Statutes at Large Volume 124.djvu/2589

 124 STAT. 2563 PUBLIC LAW 111–240—SEPT. 27, 2010 ‘‘(A) the penalty imposed by subsection (a) shall be $30 in lieu of $100, and ‘‘(B) the total amount imposed on the person for all such failures during any calendar year which are so cor- rected shall not exceed $250,000. ‘‘(2) FAILURES CORRECTED ON OR BEFORE AUGUST 1.—If any failure described in subsection (a)(2) is corrected after the 30th day referred to in paragraph (1) but on or before August 1 of the calendar year in which the required filing date occurs— ‘‘(A) the penalty imposed by subsection (a) shall be $60 in lieu of $100, and ‘‘(B) the total amount imposed on the person for all such failures during the calendar year which are so cor- rected shall not exceed $500,000. ‘‘(c) EXCEPTION FOR DE MINIMIS FAILURES.— ‘‘(1) IN GENERAL.—If — ‘‘(A) a payee statement is furnished to the person to whom such statement is required to be furnished, ‘‘(B) there is a failure described in subsection (a)(2)(B) (determined after the application of section 6724(a)) with respect to such statement, and ‘‘(C) such failure is corrected on or before August 1 of the calendar year in which the required filing date occurs, for purposes of this section, such statement shall be treated as having been furnished with all of the correct required information. ‘‘(2) LIMITATION.—The number of payee statements to which paragraph (1) applies for any calendar year shall not exceed the greater of— ‘‘(A) 10, or ‘‘(B) one-half of 1 percent of the total number of payee statements required to be filed by the person during the calendar year. ‘‘(d) LOWER LIMITATIONS FOR PERSONS WITH GROSS RECEIPTS OF NOT MORE THAN $5,000,000.— ‘‘(1) IN GENERAL.—If any person meets the gross receipts test of paragraph (2) with respect to any calendar year, with respect to failures during such calendar year— ‘‘(A) subsection (a)(1) shall be applied by substituting ‘$500,000’ for ‘$1,500,000’, ‘‘(B) subsection (b)(1)(B) shall be applied by sub- stituting ‘$75,000’ for ‘$250,000’, and ‘‘(C) subsection (b)(2)(B) shall be applied by sub- stituting ‘$200,000’ for ‘$500,000’. ‘‘(2) GROSS RECEIPTS TEST.—A person meets the gross receipts test of this paragraph if such person meets the gross receipts test of section 6721(d)(2). ‘‘(e) PENALTY IN CASE OF INTENTIONAL DISREGARD.—If 1 or more failures to which subsection (a) applies are due to intentional disregard of the requirement to furnish a payee statement (or the correct information reporting requirement), then, with respect to each such failure— ‘‘(1) subsections (b), (c), and (d) shall not apply, ‘‘(2) the penalty imposed under subsection (a)(1) shall be $250, or, if greater— Applicability.