Page:United States Statutes at Large Volume 124.djvu/2590

124 STAT. 2564 PUBLIC LAW 111–240—SEPT. 27, 2010 ‘‘(A) in the case of a payee statement other than a statement required under section 6045(b), 6041A(e) (in respect of a return required under section 6041A(b)), 6050H(d), 6050J(e), 6050K(b), or 6050L(c), 10 percent of the aggregate amount of the items required to be reported correctly, or ‘‘(B) in the case of a payee statement required under section 6045(b), 6050K(b), or 6050L(c), 5 percent of the aggregate amount of the items required to be reported correctly, and ‘‘(3) in the case of any penalty determined under paragraph (2)— ‘‘(A) the $1,500,000 limitation under subsection (a) shall not apply, and ‘‘(B) such penalty shall not be taken into account in applying such limitation to penalties not determined under paragraph (2). ‘‘(f) ADJUSTMENT FOR INFLATION.— ‘‘(1) IN GENERAL.—For each fifth calendar year beginning after 2012, each of the dollar amounts under subsections (a), (b), (d)(1), and (e) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting ‘calendar year 2011’ for ‘calendar year 1992’ in subparagraph (B) thereof. ‘‘(2) ROUNDING.—If any amount adjusted under paragraph (1)— ‘‘(A) is not less than $75,000 and is not a multiple of $500, such amount shall be rounded to the next lowest multiple of $500, and ‘‘(B) is not described in subparagraph (A) and is not a multiple of $10, such amount shall be rounded to the next lowest multiple of $10.’’. (h) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to information returns required to be filed on or after January 1, 2011. SEC. 2103. REPORT ON TAX SHELTER PENALTIES AND CERTAIN OTHER ENFORCEMENT ACTIONS. (a) IN GENERAL.—The Commissioner of Internal Revenue, in consultation with the Secretary of the Treasury, shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate an annual report on the penalties assessed by the Internal Revenue Service during the preceding year under each of the following provisions of the Internal Revenue Code of 1986: (1) Section 6662A (relating to accuracy-related penalty on understatements with respect to reportable transactions). (2) Section 6700(a) (relating to promoting abusive tax shel- ters). (3) Section 6707 (relating to failure to furnish information regarding reportable transactions). (4) Section 6707A (relating to failure to include reportable transaction information with return). (5) Section 6708 (relating to failure to maintain lists of advisees with respect to reportable transactions). 26 USC 6662A note. 26 USC 6721 note.