Page:United States Statutes at Large Volume 88 Part 1.djvu/990

 946

Ante,

PUBLIC LAW 93-406-SEPT. 2, 1974

p. 943.

[88 STAT.

"(2) NOTIFICATION OF CHANGE OF STATUS.—In the case of failure to file a notification required under section 6057(b) (relating to notification of change of status) on the date prescribed therefor (determined without regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause, there shall be paid (on notice and demand by the Secretary or his delegate and in the same manner as tax) by the person failing so to file, $1 for each day during which such failure continues, but the total amounts imposed under this paragraph on any person for failure to file any notification shall not exceed $1,000. " (f) INFORMATION REQUIRED IN CONNECTION W I T H CERTAIN PLANS OF DEFERRED COMPENSATION.—In the case of failure to file a return or

Ante, p. 945. P°^*'P- 970

26 USC 6652.

statement rcqulred under section 6058 (relating to information required in connection with certain plans of deferred compensation) Qj, ^047 (relating to information relating to certain trusts and annuity and bond purchase plans) on the date and in the manner prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause, there shall be paid (on notice and demand by the Secretary or his delegate and in the same manner as tax) by the person failing so to file, $10 for each day during which such failure continues, but the total amount imposed under this subsection on any person for failure to file any return shall not exceed $5,000." ^g^ ^j) "j^j^g section heading for section 6652 is amended by adding ", Registration Statements, etc." before the period at the end thereof. (ii) The item relating to section 6652 in the table of contents for subchapter A of chapter 68 is amended by adding ", registration statements, etc." before the period of the end thereof. (2) FAILURE TO FURNISH STATEMENT TO PARTICIPANT.—

26 USC 6690.

26 USC 3111.

(A) Subchapter B of chapter 68 (relating to assessable penalties) is amended by adding at the end thereof the following new section: «gEC. 6690. FRAUDULENT STATEMENT OR FAILURE TO FURNISH STATEMENT TO PLAN PARTICIPANT. "Any person required under section 6057(e) to furnish a statement to a participant who willfully furnishes a false or fraudulent statement, or who willfully fails to furnish a statement in the manner, at the time, and showing the information required under section 6057(e), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty under this subchapter of $50, which shall be assessed and collected in the same manner as the tax on employers imposed by Section 3111." (B) The table of sections for such subchapter B is amended by adding at the end thereof the following new item: "Sec. 6690.

Fraudulent statement or failure to furnish statement to plan participant." (c) CLERICAL AMENDMENTS. —

(1) The table of subparts for such part III is amended by adding at the end thereof the following: "Subpart B. Registration of and information concerning pension, etc., plans."

26 USC 6033.

(2) Section 6033(c) (relating to cross references) is amended by adding at the end thereof the following: "For provisions relating to information required in connection with certain plans of deferred compensation, see section 6058."

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