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The final regulations contain safe harbor rules that for purposes of the section 6721 penalty for failure to file correct information returns and section 6722 penalty for failure to furnish correct payee statements generally treat as correct a payee statement or corresponding information return containing one or more de minimis errors relating to an incorrect dollar amount. They prescribe the time and manner in which a recipient of a payee statement may elect not to have the safe harbor rules apply. They also contain updated penalty amounts and updated references to information reporting obligations.