Summary of AJCA ’04 Provisions
American Jobs Creation Act of 2004 (AJCA'04) amended IRC § 4101(d) to mandate electronic reporting of Forms 720 TO / CS if there are 25 or more transactions in a month. Penalties were strengthened by AJCA as follows:
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IRC § 6719 -failure to register with IRS on Form 637
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$10,000 for each failure to register, and
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$1,000 a day for each day the failure continues.
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IRC § 6725 - $10,000 for each report
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Failure to file on or before the due date;
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Failure to include all of the required information; or
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Inclusion of incorrect information
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Page Last Reviewed or Updated: 2013-02-15
