Internal Revenue Code · 26 U.S.C.
§ 6724. Waiver; definitions and special rules
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 6724
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Added
- October 22, 1986 by Pub. L. 99–514
- Last amended
- July 4, 2025 by Pub. L. 119–21
- Amendments
- 30 dated changes in the source credit
- Length
- 7 subsections · 2,503 words · about 11 min to read
- Defines
- 4 terms
- Cross-references
- cites 50; cited by 6 Code sections and 20 other regulations
- Regulations
- 1 issued under this section
No penalty shall be imposed under this part with respect to any failure if it is shown that such failure is due to reasonable cause and not to willful neglect.
Any penalty imposed by this part shall be paid on notice and demand by the Secretary and in the same manner as tax.
No penalty shall be imposed under section 6721 solely by reason of any failure to comply with the requirements of the regulations prescribed under section 6011(e)(2), except to the extent that such a failure occurs with respect to more than the applicable number (determined under section 6011(e)(5) with respect to the calendar year to which such returns relate) of information returns or with respect to a return described in section 6011(e)(4).
The term “required filing date” means the date prescribed for filing an information return with the Secretary (determined with regard to any extension of time for filing).
If any partnership return under section 6031(a) is required under section 6011(e) to be filed on magnetic media or in other machine-readable form, for purposes of this part, each schedule required to be included with such return with respect to each partner shall be treated as a separate information return.
No penalty shall be imposed under section 6721 or 6722 solely by reason of failing to provide the TIN of an individual on a return or statement required by section 6050S(a)(1) if the eligible educational institution required to make such return contemporaneously makes a true and accurate certification under penalty of perjury (and in such form and manner as may be prescribed by the Secretary) that it has complied with standards promulgated by the Secretary for obtaining such individual’s TIN.
(Added Pub. L. 99–514, title XV, § 1501(a), Oct. 22, 1986, 100 Stat. 2734; amended Pub. L. 100–418, title I, § 1941(b)(2)(M), Aug. 23, 1988, 102 Stat. 1323; Pub. L. 100–647, title I, §§ 1006(h)(3)(A), 1015(a), title III, § 3001(b)(1), (2), Nov. 10, 1988, 102 Stat. 3410, 3568, 3614; Pub. L. 101–239, title VII, §§ 7711(a), 7811(c)(3), 7813(a), Dec. 19, 1989, 103 Stat. 2391, 2407, 2412; Pub. L. 101–508, title XI, §§ 11212(e)(1), 11323(b)(2), (c)(2), Nov. 5, 1990, 104 Stat. 1388–432, 1388–465; Pub. L. 102–486, title XIX, § 1933(b), Oct. 24, 1992, 106 Stat. 3031; Pub. L. 103–66, title XIII, § 13252(b), Aug. 10, 1993, 107 Stat. 532; Pub. L. 103–322, title II, § 20415(b)(1), (2), Sept. 13, 1994, 108 Stat. 1833; Pub. L. 104–188, title I, §§ 1116(b)(2)(A), (B), 1455(a), 1615(a)(2)(B), 1702(b)(1), (c)(2), 1704(j)(3), 1901(c)(1), Aug. 20, 1996, 110 Stat. 1764, 1817, 1853, 1868, 1869, 1881, 1908; Pub. L. 104–191, title III, § 323(b), Aug. 21, 1996, 110 Stat. 2062; Pub. L. 105–34, title II, § 201(c)(2), title XII, §§ 1213(b), 1223(b), title XVI, § 1602(d)(2)(A), Aug. 5, 1997, 111 Stat. 805, 1001, 1019, 1094; Pub. L. 105–206, title VI, §§ 6004(a)(3), 6010(o)(4)(B), (C), 6012(b)(5), (d), July 22, 1998, 112 Stat. 792, 816, 819; Pub. L. 106–554, § 1(a)(7) [title III, § 319(23)], Dec. 21, 2000, 114 Stat. 2763, 2763A–647; Pub. L. 107–210, div. A, title II, § 202(c)(2), Aug. 6, 2002, 116 Stat. 962; Pub. L. 108–357, title VIII, §§ 805(b), 853(d)(2)(L), (M), Oct. 22, 2004, 118 Stat. 1574, 1613; Pub. L. 109–280, title VIII, § 844(d)(2), title XII, § 1211(b)(1), Aug. 17, 2006, 120 Stat. 1012, 1073; Pub. L. 109–432, div. A, title IV, § 403(c)(1), (2), Dec. 20, 2006, 120 Stat. 2955; Pub. L. 110–172, § 11(b)(2), Dec. 29, 2007, 121 Stat. 2488; Pub. L. 110–289, div. C, title III, § 3091(b), July 30, 2008, 122 Stat. 2910; Pub. L. 110–343, div. B, title IV, § 403(c)(2), (d)(2), Oct. 3, 2008, 122 Stat. 3858, 3860; Pub. L. 111–147, title V, §§ 501(c)(6), (7), 522(b), Mar. 18, 2010, 124 Stat. 106, 113; Pub. L. 111–148, title I, §§ 1502(b), 1514(b), title X, § 10108(j)(3)(E), (F), Mar. 23, 2010, 124 Stat. 251, 257, 915; Pub. L. 113–295, div. A, title II, § 220(x), Dec. 19, 2014, 128 Stat. 4036; Pub. L. 114–27, title VIII, § 805(a), June 29, 2015, 129 Stat. 416; Pub. L. 114–41, title II, § 2004(b)(2), July 31, 2015, 129 Stat. 456; Pub. L. 115–97, title I, §§ 11051(b)(2)(C), 13520(c)(1), Dec. 22, 2017, 131 Stat. 2089, 2150; Pub. L. 115–141, div. U, title II, § 206(o), title IV, § 401(a)(315)–(320), Mar. 23, 2018, 132 Stat. 1182, 1199; Pub. L. 116–25, title II, § 2301(d), July 1, 2019, 133 Stat. 1013; Pub. L. 117–58, div. H, title VI, § 80603(b)(2)(B), Nov. 15, 2021, 135 Stat. 1340; Pub. L. 117–328, div. T, title III, §§ 323(c), 334(d)(2), Dec. 29, 2022, 136 Stat. 5357, 5371; Pub. L. 119–21, title VII, §§ 70203(c)(2), 70421(d)(2)(B), July 4, 2025, 139 Stat. 179, 231.)
Terms defined here
Where the text says “the term … means”. Select a term to jump to its definition.
Regulations under this section
Treasury regulations (26 CFR) issued under § 6724
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 50 other sections
- § 6721 Failure to file correct information returns
- § 6011(e)(2) General requirement of return, statement, or list
- § 6041(a) Information at source
- § 6042(a)(1) Returns regarding payments of dividends and corporate earnings and profits
- § 6044(a)(1) Returns regarding payments of patronage dividends
- § 6049(a) Returns regarding payments of interest
- § 6050A(a) Reporting requirements of certain fishing boat operators
- § 6050N(a) Returns regarding payments of royalties
- § 6051(d) Receipts for employees
- § 6050R Returns relating to certain purchases of fish
- § 110(d) Qualified lessee construction allowances for short-term leases
- § 6041A(a) Returns regarding payments of remuneration for services and direct sales
- § 6043A(a) Returns relating to taxable mergers and acquisitions
- § 6045(a) Returns of brokers
- § 6045B(a) Returns relating to actions affecting basis of specified securities
- § 6050H(a) Returns relating to mortgage interest received in trade or business from individuals
- § 6050I(a) Returns relating to cash received in trade or business, etc.
- § 6050J(a) Returns relating to foreclosures and abandonments of security
- § 6050K(a) Returns relating to exchanges of certain partnership interests
- § 6050L(a) Returns relating to certain donated property
- § 6050P Returns relating to the cancellation of indebtedness by certain entities
- § 6050Q Certain long-term care benefits
- § 6050S Returns relating to higher education tuition and related expenses
- § 6050T Returns relating to credit for health insurance costs of eligible individuals
Show 26 more
- § 6052(a) Returns regarding payment of wages in the form of group-term life insurance
- § 6050V Returns relating to applicable insurance contracts in which certain exempt organizations hold interests
- § 6053(c)(1) Reporting of tips
- § 1060 Special allocation rules for certain asset acquisitions
- § 4101(d) Registration and bond
- § 338(h)(10) Certain stock purchases treated as asset acquisitions
- § 264(f)(5)(A)(iv) Certain amounts paid in connection with insurance contracts
- § 6050U Charges or payments for qualified long-term care insurance contracts under combined arrangements
- § 6039(a) Returns required in connection with certain options
- § 6050W Returns relating to payments made in settlement of payment card and third party network transactions
- § 6055 Reporting of health insurance coverage
- § 6056 Certain employers required to report on health insurance coverage
- § 6050Y Returns relating to certain life insurance contract transactions
- § 6045A(d) Information required in connection with transfers of covered securities to brokers
- § 6050Z Reports relating to long-term care premium statements
- § 6050AA(a) Returns relating to applicable passenger vehicle loan interest received in trade or business from individuals
- § 408(i) Individual retirement accounts
- § 6047(d) Information relating to certain trusts and annuity plans
- § 6035 Basis information to persons acquiring property from decedent
- § 6031(b) Return of partnership income
- § 6048(b)(1)(B) Information with respect to certain foreign trusts
- § 6226(a)(2) Alternative to payment of imputed underpayment by partnership
- § 6039K(c) Returns with respect to qualified opportunity funds and qualified rural opportunity funds
- § 6039L Information required from qualified opportunity zone businesses and qualified rural opportunity zone businesses
- § 6109 Identifying numbers
- § 72(t)(4)(C) Annuities; certain proceeds of endowment and life insurance contracts
Cited by 6 Code sections
- § 904(j)(3)(C) Limitation on credit
- § 6652(e) Failure to file certain information returns, registration statements, etc.
- § 6693(a)(2)(G) Failure to provide reports on certain tax-favored accounts or annuities; penalties relating to designated nondeductible contributions
- § 6721(c)(1)(B) Failure to file correct information returns
- § 6722(c)(1)(B) Failure to furnish correct payee statements
- § 7434(f) Civil damages for fraudulent filing of information returns
Cited in 20 regulations not issued under it
- § 1.904(j)-1 Certain individuals exempt from foreign tax credit limitation.
- § 1.1012-1 Basis of property.
- § 1.1441-1 Requirement for the deduction and withholding of tax on payments to foreign persons.
- § 1.6045-4 Information reporting on real estate transactions.
- § 1.6050S-1 Information reporting for qualified tuition and related expenses.
- § 1.6050S-3 Information reporting for payments of interest on qualified education loans.
- § 1.6050W-1 Information reporting for payments made in settlement of payment card and third party network transactions.
- § 1.6050Y-2 Information reporting by acquirers for reportable policy sale payments.
- § 1.6050Y-3 Information reporting by 6050Y(b) issuers for reportable policy sales and transfers of life insurance contracts to foreign persons.
- § 1.6050Y-4 Information reporting by payors for reportable death benefits.
- § 1.6055-1 Information reporting for minimum essential coverage.
- § 1.6662-3 Negligence or disregard of rules or regulations.
- § 31.3406(j)-1 Taxpayer Identification Number (TIN) matching program.
- § 301.1474-1 Required use of electronic form for financial institutions filing Form 1042, Form 1042-S, or Form 8966.
- § 301.6011-2 Required use of electronic form.
- § 301.6056-1 Rules relating to reporting by applicable large employers on health insurance coverage offered under employer-sponsored plans.
- § 301.6226-2 Statements furnished to partners and filed with the IRS.
- § 301.6721-1 Failure to file correct information returns.
- § 301.6722-1 Failure to furnish correct payee statements.
- § 301.6723-1 Failure to comply with other information reporting requirements.
Amendment history
From the source credit and the official notes, newest first.
- Amended by Pub. L. 119–21Parts changed in 2025: (d)(1)(B)(xxix) (d)(2)(MM) (d)(2)(NN)
- Amended by Pub. L. 117–328Parts changed in 2022: (d)(1)(B)(xxviii) (d)(2)(JJ) (g)
- Amended by Pub. L. 117–58Parts changed in 2021: (d)(1)(B)(xxv) (d)(1)(B)(xxvii)
- Amended by Pub. L. 116–25Parts changed in 2019: (c)
- Amended by Pub. L. 115–141Parts changed in 2018: (d)(1) (d)(1)(B)(xx) (d)(1)(B)(xxi) (d)(2)(F) (d)(2)(M) (d)(2)(DD) (d)(2)(JJ)
- Amended by Pub. L. 115–97Parts changed in 2017: (d)(1)(B)(xxvi) (d)(2)(JJ) (d)(3)(C)
- Amended by Pub. L. 114–41Parts changed in 2015: (d)(1)(D) (d)(2)(II) (f)
- Amended by Pub. L. 114–27
- Amended by Pub. L. 113–295Parts changed in 2014: (d)(2)(FF)
- Amended by Pub. L. 111–148Parts changed in 2010: (c) (d)(1) (d)(1)(B)(xxiv) (d)(1)(B)(xxv) (d)(2) (d)(2)(GG) (d)(2)(HH)
- Amended by Pub. L. 111–147
- Amended by Pub. L. 110–343Parts changed in 2008: (d)(1)(B)(iv) (d)(1)(B)(xix) (d)(1)(B)(xx) (d)(1)(B)(xxi) (d)(1)(B)(xxii) (d)(1)(B)(xxiii) (d)(2)(I) (d)(2)(J) (d)(2)(BB) (d)(2)(CC) (d)(2)(DD) (d)(2)(EE) (d)(2)(FF)
- Amended by Pub. L. 110–289
- Amended by Pub. L. 110–172Parts changed in 2007: (d)(1)(B)(iv) (d)(2)(K)
- Amended by Pub. L. 109–432Parts changed in 2006: (d)(1)(B)(xiv) (d)(1)(B)(xvii) (d)(1)(B)(xviii) (d)(1)(B)(xix) (d)(1)(B)(xx) (d)(2)(B) (d)(2)(CC)
- Amended by Pub. L. 109–280
- Amended by Pub. L. 108–357Parts changed in 2004: (d)(1)(B)(ii) (d)(1)(B)(xvi) (d)(1)(B)(xvii) (d)(2)(F) (d)(2)(X) (d)(2)(Y)
- Amended by Pub. L. 107–210Parts changed in 2002: (d)(1)(B)(xi) (d)(2)(BB)
- Amended by Pub. L. 106–554Parts changed in 2000: (d)(1)(B)(xiv) (d)(2)(AA)
- Amended by Pub. L. 105–206Parts changed in 1998: (c) (d)(1)(A) (d)(1)(B)(x) (d)(1)(B)(xv) (d)(1)(B)(xvi) (d)(1)(B)(xvii) (d)(2)(AA)
- Amended by Pub. L. 105–34Parts changed in 1997: (d)(1)(A)(ix) (d)(1)(B)(x) (d)(2)(R) (d)(2)(Z) (e)
- Amended by Pub. L. 104–191Parts changed in 1996: (d)(1)(A)(viii) (d)(1)(B)(ix) (d)(1)(B)(xi) (d)(1)(B)(xii) (d)(1)(B)(xiii) (d)(1)(B)(xiv) (d)(1)(C) (d)(2)(Q) (d)(2)(R) (d)(2)(S) (d)(2)(T) (d)(2)(U) (d)(2)(V) (d)(2)(W) (d)(3)(C) (d)(3)(D) (d)(3)(E)
- Amended by Pub. L. 104–188
- Amended by Pub. L. 103–322Parts changed in 1994: (d)(1)(B)(iv) (d)(2)(K)
- Amended by Pub. L. 103–66Parts changed in 1993: (d)(1)(B)(viii) (d)(2)(P)
- Amended by Pub. L. 102–486Parts changed in 1992: (d)(3)(E)
- Amended by Pub. L. 101–508Parts changed in 1990: (d)(1)(B)(x) (d)(1)(B)(xi) (d)(1)(B)(xii)
- Amended by Pub. L. 101–239Parts changed in 1989: (d)(1)(B)(viii) (d)(2)
- Amended by Pub. L. 100–647Parts changed in 1988: (d)(1)(B) (d)(2) (d)(2)(B)
- Amended by Pub. L. 100–418
- Added by Pub. L. 99–514
Where it sits in the Code
- Subtitle F Procedure and Administration
- Chapter 68 ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIES
- Subchapter B Assessable Penalties
- Part II FAILURE TO COMPLY WITH CERTAIN INFORMATION REPORTING REQUIREMENTS
Nearby sections
- § 6721 Failure to file correct information returns
- § 6722 Failure to furnish correct payee statements
- § 6723 Failure to comply with other information reporting requirements
- § 6724 Waiver; definitions and special rules
- § 6725 Failure to report information under section 4101
- § 6726 Failure to comply with information reporting requirements relating to qualified opportunity funds and qualified rural opportunity funds
Official notes
The Law Revision Counsel's notes for this section (amendments, effective dates and related laws) are long, so they have their own page.