Any person who-
shall pay a penalty for each calendar year for which there is any failure to keep such records.
The penalty of any person for any calendar year shall be $50, multiplied by the number of individuals with respect to whom such failure occurs in such year.
The penalty under this section of any person for any calendar year shall not exceed $50,000.
No penalty shall be imposed by this section on any person for any failure which is shown to be due to reasonable cause and not to willful neglect.
No penalty shall be imposed by this section on any failure by a person if such failure is attributable to a prior failure which has been penalized under this section and with respect to which the person has made all reasonable efforts to correct the failure.
No penalty shall be imposed by this section on any person for any failure which is attributable to a failure occurring before January 1, 1983, if the person has made all reasonable efforts to correct such pre-1983 failure.
26 U.S.C. § 6704
AMENDMENTS1986- Pub. L. 99-514 substituted "section 6047(d)" for "section 6047(e)" in section catchline and in subsec. (a).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98-369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99-514 set out as a note under sectionof this title.
EFFECTIVE DATESection effective Jan. 1, 1985, see section 334(e)(3) of Pub. L. 97-248 set out as a note under sectionof this title.
PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§1101-1147 and 1171-1177] or title XVIII [§§1800-1899A] of Pub. L. 99-514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99-514 as amended, set out as a note under sectionof this title.
- The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.