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December 18, 2023
2023-2091

IRS releases final de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements

The IRS and Treasury Department released final regulations (TD 9984) on the de minimis error safe harbor exceptions to penalties for failure to file correct information returns or to furnish correct payee statements and the process to override the safe harbor. The final regulations largely affirm proposed regulations released in October 2018 with modifications and additional examples. For the most part, the regulations are effective for information returns required to be filed and payee statements required to be furnished on or after January 1, 2024. A Tax Alert is forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor

 

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