A bill to amend the Internal Revenue Code of 1954 to increase the penalty for failure to file certain information returns, and for other purposes.

Amends the Internal Revenue Code to: (1) increase from $1 to $50 the penalty on businesses for each failure to file a statement of payments made to persons in the course of business; and (2) increase from $1,000 to $25,000 the total amount imposed for all such failures during the calendar year.

Removes the exemption from such filing requirements with respect to payments made to a corporation after December 31, 1980.