The Bulletin Index-Digest System & Highlights Summaries

Penalties

The following items are Summaries from the "Highlights" page of each Internal Revenue Bulletin, the official weekly publication of the IRS. The Summaries begin in January 1994 and have been compiled through the date shown above. There are no links for the documents issued in 1994 and 1995, but beginning in January 1996 there are links to the full text of all the actual documents. These documents have been extracted from IRS's Internal Revenue Bulletins and are in the Adobe Acrobat PDF format. You will need the appropriate Acrobat Reader installed on your computer to view or print the PDF files.

Notice 99–20 from IR Bulletin No. 1999-17
Electronic funds transfer; failure to deposit penalty. Taxpayers are informed that beginning July 1, 1999, certain taxpayers that deposited more than $200,000 in aggregate federal depository taxes during calendar year 1998 will be subject to the 10-percent failure to deposit penalty under section 6656 of the Code if those taxpayers fail to make de-posits by electronic funds transfer. The Service will not, how-ever, impose the section 6656 penalty on taxpayers that did not deposit more than $200,000 in aggregate federal depository taxes during calendar year 1998 solely for the failure to deposit by electronic funds transfer.

Notice 99-12 from IR Bulletin No. 1999-09
Electronic funds transfer; failure to deposit penalty. This notice provides guidance relating to the waiver of the failure to deposit penalty under section 6656 of the Code for certain taxpayers first required to make federal tax deposits by electronic funds transfers beginning on or after July 1, 1996.

T.D. 8807 and REG-115433-98 from IR Bulletin No. 1999-09
Temporary and final regulations relate to timely mailing treated as timely filing and paying under section 7502 of the Code.

Notice 99-4 from IR Bulletin No. 1999-03
Penalties and interest study. This notice invites public comment in connection with a study being conducted by the Department of the Treasury and the IRS regarding the administration and implementation of the penalty and interest provisions of the Internal Revenue Code.

Rev. Proc. 99-10 from IR Bulletin No. 1999-02
Failure to deposit federal tax; penalties. This procedure describes how a taxpayer may designate the application of its federal tax deposits for a particular return period in order to minimize the failure-to-deposit penalty under section 6656 of the Code with respect to deposits required to be made after January 18, 1999.

Rev. Proc. 98-62 from IR Bulletin No. 1998-52
Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

T.D. 8790 from IR Bulletin No. 1998-50
Final regulations under section 6662 of the Code relate to the accuracy-related penalty

Notice 98-30 from IR Bulletin No. 1998-22
Electronic funds transfer; failure to deposit penalty. This notice provides guidance relating to the waiver of the failure to deposit penalty under section 6656 of the Code for certain taxpayers first required to make federal tax deposits by electronic funds transfer beginning on or after July 1, 1997.

Announcement 98-30 from IR Bulletin No. 1998-17
The penalty under section 6677 of the Code will not be imposed on a U.S. owner of a foreign trust for failure to timely file if the foreign trust files Form 3520-A and furnishes the required statements to the U.S. owners and U.S. beneficiaries in accordance with this announcement.

Rev. Proc. 97-56 from IR Bulletin No. 1997-52
Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Notice 97-55 from IR Bulletin No. 1997-39
T.D. 8656, 1996-1 C.B. 329, relating to the imposition of the accuracy-related penalty, is corrected.

Notice 97-43 from IR Bulletin No. 1997-30
This notice provides guidance relating to the waiver of the failure-to-deposit penalty for certain taxpayers required to begin using electronic funds transfer on or after July 1, 1997.

Notice 96-61 from IR Bulletin No. 1996-49
Information reporting; discharge of indebtedness. Pending issuance of further guidance, no penalties will be imposed for failure to report under Code section 6050P a discharge of indebtedness of a foreign debtor held by foreign offices or branches of foreign financial institutions that are applicable entities under Code section 6050P(c)(2)(C).

Notice 96-60 from IR Bulletin No. 1996-49
The Service intends to issue, before the end of 1996, detailed guidance under Code section 877, as amended by the Health Insurance Portability and Accountability Act of 1996 ("HIPAA"), Code section 6039F, as added by HIPAA, and Code sections 1494 and 6048, as amended by the Small Business Job Protection Act of 1996. Certain filings under Code sections 877, 6039F, and 6048 will not be required to be submitted, and no penalty will be imposed under Code section 1494(c), before a date that is at least 60 days after the issuance of the forthcoming guidance.

Rev. Proc. 95-55 from IR Bulletin No. 1995-52
Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Rev. Proc. 94-74 from IR Bulletin No. 1994-51
Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Rev. Proc. 94-69 from IR Bulletin No. 1994-44
Update of Rev. Proc. 85-26. Special procedures are provided for Coordinated Examination Program taxpayers to show additional tax or make adequate disclosure for purposes of certain penalties. Rev. Proc. 85-26 superseded.

Notice 94-73 from IR Bulletin No. 1994-29
Interim relief from penalties is provided for failure to comply with certain of the reporting requirements of section 1.6050P-1T of the regulations (relating to the reporting of discharges of indebtedness of $600 or more during any calendar year).

Rev. Rul. 94-46 from IR Bulletin No. 1994-29
Failure to deposit timely; reasonable cause; electronic funds transfer. The Service provides guidance on establishing reasonable cause for abatement of the failure to timely deposit penalty where the deposits are made by electronic funds transfer.

Rev. Proc. 94-36 from IR Bulletin No. 1994-20
Penalties; substantial underpayment. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Rev. Proc. 94-33 from IR Bulletin No. 1994-18
Section 6662(e) penalty. Guidance is provided regarding the rules that should be followed for taxable years ending after November 5, 1990, but beginning before January 1, 1994, in determining whether the penalties under sections 6662(e) and (h) apply.

Notice 94-37 from IR Bulletin No. 1994-16
Payors will not be subject to penalties for calendar year 1993 and earlier years if they failed to file and furnish correct Forms 1099 as required by Rev. Rul. 93-70. This rule does not apply to payors that were notified of the Form 1099 requirement in a letter signed by a District Director.

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