26 USC 6050X - Information with respect to certain fines, penalties, and other amounts

U.S Code last checked for updates: Jan 18, 2025

§ 6050X.

Information with respect to certain fines, penalties, and other amounts

(a)

Requirement of reporting

(1)

In general

The appropriate official of any government or any entity described in section 162(f)(5) which is involved in a suit or agreement described in paragraph (2) shall make a return in such form as determined by the Secretary setting forth—

(A)

the amount required to be paid as a result of the suit or agreement to which paragraph (1) of section 162(f) applies,

(B)

any amount required to be paid as a result of the suit or agreement which constitutes restitution or remediation of property, and

(C)

any amount required to be paid as a result of the suit or agreement for the purpose of coming into compliance with any law which was violated or involved in the investigation or inquiry.

(2)

Suit or agreement described

(A)

In general

A suit or agreement is described in this paragraph if—

(i)

it is—

(I)

a suit with respect to a violation of any law over which the government or entity has authority and with respect to which there has been a court order, or

(II)

an agreement which is entered into with respect to a violation of any law over which the government or entity has authority, or with respect to an investigation or inquiry by the government or entity into the potential violation of any law over which such government or entity has authority, and

(ii)

the aggregate amount involved in all court orders and agreements with respect to the violation, investigation, or inquiry is $600 or more.

(B)

Adjustment of reporting threshold

(3)

Time of filing

(b)

Statements to be furnished to individuals involved in the settlement

Every person required to make a return under subsection (a) shall furnish to each person who is a party to the suit or agreement a written statement showing—

(1)

the name of the government or entity, and

(2)

the information supplied to the Secretary under subsection (a)(1).

The written statement required under the preceding sentence shall be furnished to the person at the same time the government or entity provides the Secretary with the information required under subsection (a).

(c)

Appropriate official defined

(Added Pub. L. 115–97, title I, § 13306(b)(1), Dec. 22, 2017, 131 Stat. 2128.)

cite as: 26 USC 6050X