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Sec. 6704. Failure To Keep Records Necessary To Meet Reporting Requirements Under Section 6047(d)

I.R.C. § 6704(a) Liability For Penalty
Any person who--
I.R.C. § 6704(a)(1)
has a duty to report or may have a duty to report any information under section 6047(d), and
I.R.C. § 6704(a)(2)
fails to keep such records as may be required by regulations prescribed under section 6047(d) for the purpose of providing the necessary data base for either current reporting or future reporting, shall pay a penalty for each calendar year for which there is any failure to keep such records.
I.R.C. § 6704(b) Amount Of Penalty
I.R.C. § 6704(b)(1) In General
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.
I.R.C. § 6704(b)(2) Maximum Amount
The penalty under this section of any person for any calendar year shall not exceed $50,000.
I.R.C. § 6704(c) Exceptions
I.R.C. § 6704(c)(1) Reasonable Cause
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.
I.R.C. § 6704(c)(2) Inability To Correct Previous Failure
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.
I.R.C. § 6704(c)(3) Pre-1983 Failures
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.
(Added Pub. L. 97-248, title III, 334(c)(1), Sept. 3, 1982, 96 Stat. 627, and amended Pub. L. 99-514, title XVIII, 1848(e)(1), Oct. 22, 1986, 100 Stat. 2857.)
Background Notes
Amendments
1986--Pub. L. 99-514 substituted “section 6047(d)” for “section 6047(e)” in section catchline and in subsec. (a)(1) and (2).
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 section 48 of this title.
Effective Date
Section effective Jan. 1, 1985, see section 334(e)(3) of Pub. L. 97-248, set out as a note under section 3405 of this title.
Section Referred to in Other Sections
This section is referred to in section 6047 of this title.