PENALTY FOR FAILURE TO FILE CORRECT INFORMATION RETURNS AND PROVIDE PAYEE STATEMENTS.

SEC. 806. PENALTY FOR FAILURE TO FILE CORRECT INFORMATION RETURNS AND PROVIDE PAYEE STATEMENTS. (a) In general.—Section 6721(a)(1) of the Internal Revenue Code of 1986 is amended— (1) by striking “$100” and inserting “$250”; and (2) by striking “$1,500,000” and inserting “$3,000,000”. (b) Reduction where correction in specified period.— (1) Correction within 30 days.—Section 6721(b)(1) of such Code is amended— (A) by striking “$30” and inserting “$50”; (B) by striking “$100” and inserting “$250”; and (C) by striking “$250,000” and inserting “$500,000”. (2) Failures corrected on or before august 1.—Section 6721(b)(2) of such Code is amended— (A) by striking “$60” and inserting “$100”; (B) by striking “$100” (prior to amendment by subparagraph (A)) and inserting “$250”; and (C) by striking “$500,000” and inserting “$1,500,000”. (c) [26 U.S.C. 6721] Lower limitation for persons with gross receipts of not more than $5,000,000.—Section 6721(d)(1) of such Code is amended— (1) in subparagraph (A)— (A) by striking “$500,000” and inserting “$1,000,000”; and (B) by striking “$1,500,000” and inserting “$3,000,000”; (2) in subparagraph (B)— (A) by striking “$75,000” and inserting “$175,000”; and (B) by striking “$250,000” and inserting “$500,000”; and (3) in subparagraph (C)— (A) by striking “$200,000” and inserting “$500,000”; and (B) by striking “$500,000” (prior to amendment by subparagraph (A)) and inserting “$1,500,000”. (d) Penalty in case of intentional disregard.—Section 6721(e) of such Code is amended— (1) by striking “$250” in paragraph (2) and inserting “$500”; and (2) by striking “$1,500,000” in paragraph (3)(A) and inserting “$3,000,000”. (e) Failure To Furnish Correct Payee Statements.— (1) In general.—Section 6722(a)(1) of such Code is amended— (A) by striking “$100” and inserting “$250”; and (B) by striking “$1,500,000” and inserting “$3,000,000”. (2) Reduction Where Correction in Specified Period.— (A) Correction within 30 days.—Section 6722(b)(1) of such Code is amended— (i) by striking “$30” and inserting “$50”; (ii) by striking “$100” and inserting “$250”; and (iii) by striking “$250,000” and inserting “$500,000”. (B) Failures corrected on or before august 1.—Section 6722(b)(2) of such Code is amended— (i) by striking “$60” and inserting “$100”; (ii) by striking “$100” (prior to amendment by clause (i)) and inserting “$250”; and (iii) by striking “$500,000” and inserting “$1,500,000”. (3) Lower Limitation for Persons With Gross Receipts of Not More Than $5,000,000.—Section 6722(d)(1) of such Code is amended— (A) in subparagraph (A)— (i) by striking “$500,000” and inserting “$1,000,000”; and (ii) by striking “$1,500,000” and inserting “$3,000,000”; (B) in subparagraph (B)— (i) by striking “$75,000” and inserting “$175,000”; and (ii) by striking “$250,000” and inserting “$500,000”; and (C) in subparagraph (C)— (i) by striking “$200,000” and inserting “$500,000”; and (ii) by striking “$500,000” (prior to amendment by subparagraph (A)) and inserting “$1,500,000”. (4) [26 U.S.C. 6722] Penalty in Case of Intentional Disregard.—Section 6722(e) of such Code is amended— (A) by striking “$250” in paragraph (2) and inserting “$500”; and (B) by striking “$1,500,000” in paragraph (3)(A) and inserting “$3,000,000”. (f) [26 U.S.C. 6722 note] Effective Date.—The amendments made by this section shall apply with respect to returns and statements required to be filed after December 31, 2015.