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Subchapter B-Interest on Overpayments
Sec. 6611. Interest on overpayments.

Sec. 6612. Cross references.
SEC. 6611. INTEREST ON OVERPAYMENTS.

(a) RATE.-Interest shall be allowed and paid upon any overpayment in respect of any internal revenue tax at the rate of 6 percent per annum. (b) PERIOD.—Such interest shall be allowed and paid as follows:

(1) CREDITS.--In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit is taken.

(2) REFUNDS.-In the case of a refund, from the date of the overpayment to a date (to be determined by the Secretary or his delegate) preceding the date of the refund check by not more than 30 days, whether or not such refund check is accepted by the taxpayer after tender of such check to the taxpayer. The acceptance of such check shall be without prejudice to any right of the taxpayer to claim any additional overpayment and interest thereon.

(d) ADVANCE PAYMENT OF Tax, PAYMENT OF ESTIMATED TAX, AND CREDIT FOR INCOME TAX WITHHOLDING.—The provisions of section 6513 (except the provisions of subsection (c) thereof), applicable in determining the date of payment of tax for purposes of determining the period of limitation on credit or refund, shall be applicable in determining the date of payment for purposes of subsection (a).

(e) INCOME TAX REFUND WITHIN 45 DAYS OF DUE DATE OF TaxIf any overpayment of tax imposed by subtitle A is refunded within 45 days after the last date prescribed for filing the return of such tax (determined without regard to any extension of time for filing the return), no interest shall be allowed under subsection (a) on such overpayment.

(f) REFUND OF INCOME Tax CAUSED BY CARRYBACK.-For purposes of subsection (a), if any overpayment of tax imposed by subtitle A results from a carry back of a net operating loss, such overpayment shall be deemed not to have been made prior to the close of the taxable year in which such net operating loss arises.

(g) REFUND OF INCOME TAX CAUSED BY CARRYBACK OF FOREIGN Taxes.—For purposes of subsection (a), if any, overpayment of tas results from a carryback of tax paid or accrued to foreign countries or possessions of the United States, such overpayment shall be deemed not to have been paid or accrued prior to the close of the taxable year under this subtitle in which such taxes were in fact paid or accrued. (h) PROHIBITION OF ADMINISTRATIVE REVIEW.

For prohibition of administrative review, see section 6406.

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SEC. 6612. CROSS REFERENCES.
(a) INTEREST ON JUDGMENTS FOR OVERPAYMENTS.-

For interest on judgments for over payments, see 28 U. S. C. 2411 (a). (b) ADJUSTMENTS.—

For provisions prohibiting interest on certain adjustments in tax,

see section 6413 (a). (c) OTHER RESTRICTIONS ON INTEREST.

For other restrictions on interest, see section 2011 (c) (relating to refunds due to credit for State taxes), 2014 (e) (relating to refunds attributable to foreign tax credits), 6412 (relating to floor stock refunds), 6413 (d) (relating to taxes under the Federal Unemployment Tax Act), 6416 (relating to certain taxes on sales and services), 6419 (relating to the excise tax on wagering), 6420 (relating to payments in the case of gasoline used on the farm for farming purposes), and 6421 (relating to payments in the case of gasoline used for certain nonhighway purposes or by local transit systems).

CHAPTER 68-ADDITIONS TO THE TAX, ADDITIONAL

AMOUNTS, AND ASSESSABLE PENALTIES

SUBCHAPTER A. Additions to the tax and additional amounts.
SUBCHAPTER B. Assessable penalties.

Subchapter A-Additions to the Tax and Additional Amounts

Sec. 6651. Failure to file tax return.
Sec. 6652. Failure to file certain information returns.
Sec. 6653. Failure to pay tax.
Sec. 6654. Failure by individual to pay estimated income tax.
Sec. 6655. Failure by corporation to pay estimated income tax.
Sec. 6656. Failure to make deposit of taxes.
Sec. 6657. Bad checks.
Sec. 6658. Addition to tax in case of jeopardy.
Sec. 6659. Applicable rules.

SEC. 6651. FAILURE TO FILE TAX RETURN.

(a) ADDITION TO THE Tax.-In case of failure to file any return required under authority of subchapter A of chapter 61 (other than part III thereof), of subchapter A of chapter 51 (relating to distilled spirits, wines, and beer), or of subchapter A of chapter 52 (relating to tobacco, cigars, cigarettes, and cigarette papers and tubes), or of subchapter A of chapter 53 (relating to machine guns and certain other firearms), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be added to the amount required to be shown as tax on such return 5 percent of the amount of such tax if the failure is for not more than 1 month, with an additional 5 percent for each additional month or fraction thereof during which such failure continues, not exceeding 25 percent in the aggregate.

(b) PENALTY IMPOSED ON NET AMOUNT DUE.--For purposes of subsection (a), the amount of tax required to be shown on the return shall be reduced by the amount of any part of the tax which is paid on or before the date prescribed for payment of the tax and by the amount of any credit against the tax which may be claimed upon the return.

(c) EXCEPTION FOR DECLARATIONS OF ESTIMATED Tax.-This section shall not apply to any failure to file a declaration of estimated tax required by section 6015 or section 6016. SEC. 6652. FAILURE TO FILE CERTAIN INFORMATION RETURNS.

(a) ADDITIONAL AMOUNT. - In case of each failure to file a statement of a payment to another person, required under authority of section 6041 (relating to information at source), section 6042 (1) (relating to payments of corporate dividends), section 6044 (relating to patronage dividends), or section 6051 (d) (relating to information returns with respect to income tax withheld), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary or his delegate and in the same manner as tax), by the person failing to so file the statement, $1 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during any calendar year shall not exceed $1,000. (b) ALCOHOL AND TOBACCO TAXES.

For penalties for failure to file certain information returns with re

spect to alcohol and tobacco taxes, see, generally, subtitle E. SEC. 6653. FAILURE TO PAY TAX.

(a) NEGLIGENCE OR INTENTIONAL DISREGARD OF RULES AND REGULATIONS WITH RESPECT TO INCOME OR GIFT Taxes.—If any part of any underpayment (as defined in subsection (c) (1)) of any tax imposed by subtitle A or by chapter 12 of subtitle B (relating to income taxes and gift taxes) is due to negligence or intentional disregard of rules and regulations (but without intent to defraud), there shall be added to the tax an amount equal to 5 percent of the underpayment.

(b) FRAUD.-If any part of any underpayment (as defined in subsection (c) of tax required to be shown on a return is due to fraud, there shall be added to the tax an amount equal to 50 percent of the underpayment. In the case of income taxes and gift taxes, this amount shall be in lieu of any amount determined under subsection (a).

(c) DEFINITION OF UNDERPAYMENT.–For purposes of this section, the term "underpayment" means

(1) INCOME, ESTATE, AND GIFT TAXES.- In the case of a tax to which section 6211 (relating to income, estate, and gift taxes) is applicable, a deficiency as defined in that section (except that, for this purpose, the tax shown on a return referred to in section 6211 (a) (1) (A) shall be taken into account only if such return was filed on or before the last day prescribed for the filing of such return, determined with regard to any extension of time for such filing), and

(2) OTHER TAXES.-In the case of any other tax, the amount by which such tax imposed by this title exceeds the excess of

(A) The sum of

(i) The amount shown as the tax by the taxpayer upon his return (determined without regard to any credit for an overpayment for any prior period, and without regard to any adjustment under authority of sections 6205 (a) and 6413 (a)), if a return was made by the taxpayer within the time prescribed for filing such return (determined with regard to any extension of time for such filing) and an amount was shown as the tax by the taxpayer thereon, plus

(ü) Any amount, not shown on the return, paid in respect of such tax, over

(B) The amount of rebates made. For purposes of subparagraph (B), the term "rebate" means so much of an abatement, credit, refund, or other repayment, as was made on the ground that the tax imposed was less than the excess

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