Failure-to-furnish-correct-payee-statement Penalty

Failure-to-furnish-correct-payee-statement Penalty means:
a penalty of $50 per return. Payee statements include the various Forms W-2 and 1099. The failures include:

• any failure to furnish a payee statement before the date prescribed.

• any failure to include all information required or the inclusion of incorrect information. Former IRC (check if this IRC provision is current here) §6722.