Par. 2. Section 301.6724-1 is amended by: 1. Revising paragraph (d)(1)(ii)(D). 2. Adding paragraph (d)(3). The revision and addition read as follows:
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(d) * * *
(1) * * *
(ii) * * *
(D) Correcting the failure as promptly as possible upon removal of the impediment or discovery of the failure. A person may correct a failure by filing or correcting the information return, by furnishing or correcting the payee statement, or by providing or correcting the information to satisfy the specified information reporting requirement with respect to which the failure occurs. This paragraph (d)(1)(ii)(D) does not apply with respect to information that specific information reporting rules prohibit the filer from altering. See § 1.6045-4(i)(5) of this chapter. In the case of a waiver of a penalty imposed by section 6722 or 6723 of the Internal Revenue Code, correction is prompt if it is made within 30 days after the date of removal of the impediment or discovery of the failure. For purposes of section 6721 of the Internal Revenue Code, a correction is prompt if the Internal Revenue Service receives the correction—
(i) On or before 30 days after the required filing date;
(ii) On or before August 1 following that required filing date;
(iii) On or before the date or dates announced in guidance governing the electronic or magnetic filing of information returns;
(iv) On or before the date or dates announced in other guidance including forms and instructions; or
(v) Within 30 days after the date the impediment is removed or the failure is discovered if the correction is not submitted within the time frames set forth in paragraphs (d)(1)(ii)(D)(i) through ( iv ).
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(3) [Reserved] For further guidance, see § 301.6724-1T(d)(3).
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