Title 26 — Internal Revenue Code
Part I · Chapter 68 — Additions to the Tax, Additional Amounts, and Assessable Penalties
§ 6705. Failure by broker to provide notice to payors
Statutory text
In general
Any person required under section 3406(d)(2)(B) to provide notice to any payor who willfully fails to provide such notice to such payor shall pay a penalty of $500 for each such failure.
Penalty in addition to other penalties
Any penalty imposed by this section shall be in addition to any other penalty provided by law.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Interest and Dividend Tax Compliance Act of 1983
Pub. L. 98–67 title I § 104(c)(1) · 97 Stat. 369
Enacted · 26 U.S.C. § 6705
(Added Pub. L. 98–67, title I, § 104(c)(1), Aug. 5, 1983, 97 Stat. 379.)
Source evidence
Code source credit
(Added Pub. L. 98–67, title I, § 104(c)(1), Aug. 5, 1983, 97 Stat. 379.)Enacted provision · exact public law section
(1) In general.— Subchapter B of chapter 68 (relating to assessable penalties) is amended by adding at the end thereof the following new section: “SEC. 6705. FAILURE BY BROKER TO PROVIDE NOTICE TO PAYORS. “(a) In General.— Any person required under section 3406(d)(2)(B) Ante, p. 371. to provide notice to any payor who willfully fails to provide such notice to such payor shall pay a penalty of $500 for each such failure. “(b) Penalty in Addition to Other Penalties.— Any penalty imposed by this section shall be in addition to any other penalty provided by law.”
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Effective Date
Section effective with respect to payments made after , see section 110(a) of Pub. L. 98–67, set out as an Effective Date of 1983 Amendment note under section 31 of this title.
Credits
(Added Pub. L. 98–67, title I, § 104(c)(1), , 97 Stat. 379.)