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Reasonable Cause Regulations & Requirements for Missing ...

Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs (including instructions for reading CD/DVDs)iTable of ContentsI. INTRODUCTION ..1 Purpose ..1 Applicable Regulations ..1 What s New? ..1II. penalty FOR Missing TINS AND INCORRECT NAME/TIN COMBINATIONS ..1 III. Reasonable Cause ..2IV. NOTICE 972CG, NOTICE OF PROPOSED CIVIL penalty ..2 Proposed penalty Notice ..2 Contents of Notice 972CG include: ..3 How to Answer Notice 972CG ..3V. MANNER OF TIN SOLICITATIONS ..4 Annual Solicitations by Mail.

respect to the return. If there are multiple failures on the same information return, only the highest penalty amount will be imposed under IRC 6721. For example, if a Form 1099-B was filed 30-days late ($50 penalty for tax year 2020) with an incorrect TIN ($280 penalty for tax year 2020), then only a $280 penalty will be imposed.

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