The IRS addresses this.
2021 General Instructions for Certain Information Returns Penalties Pages 19 and 20 states:
If you fail to file a correct information return by the due date and you cannot show reasonable cause, you may be subject to a penalty. The penalty applies:
- If you fail to file timely,
- If you fail to include all information required to be shown on a return, or
- If you include incorrect information on a return.
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