Page:United States Statutes at Large Volume 95.djvu/370

 95 STAT. 344

PUBLIC LAW 97-34—AUG. 13, 1981 "(3) section 6049(a)(2) (relating to payments of interest aggregating less than $1), or "(4) section 6049(a)(3) (relating to other payments of interest by corporations), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary and in the same manner as tax) by the person failing to so file the statement, $1 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during the calendar year shall not exceed $1,000." (4) CLERICAL AMENDMENT.—The subsection heading of subsection (a) of section 6652 is amended by inserting "INFORMATION AT SOURCE," before "PAYMENTS OF DIVIDENDS".

26 USC 6041.

O) REQUIREMENT OF STATEMENTS TO BE FURNISHED TO PERSONS t > WITH RESPECT TO WHOM INFORMATION IS FURNISHED ON PAYMENTS OP $600 O MORE.— R

(1) IN GENERAL.—Section 6041 (relating to information at source) is amended by redesignating subsection (d) as subsection (e) and by inserting after subsection (c) the following new subsection:

"(d) STATEMENTS TO BE FURNISHED TO PERSONS WITH RESPECT TO WHOM INFORMATION IS FURNISHED.—Every person making a return

under subsection (a) shall furnish to each person whose name is set forth in such return a written statement showing— "(1) the name, address, and identification number of the person making such return, and "(2) the aggregate amount of payments to the person shown on the return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made. To the extent provided in regulations prescribed by the Secretary, this subsection shall also apply to persons making returns under subsection (b)." (2) PENALTY FOR FAILURE TO FURNISH STATEMENT.—Paragraph

26 USC 6678.

26 USC 6652 ^°^26 USC 6656.

(1) of section 6678 (relating to failure to furnish certain statements) is amended— (A) by inserting "6041(d)," before "6042(c)", and (B) by inserting "6041(a)," before "6042(a)(1)". (Q) EFFECTIVE DATE.—The amendments made by this section shall apply to returns and statements required to be furnished after December 31, 1981. SEC. 724. PENALTY FOR OVERSTATED DEPOSIT CLAIMS. (a) GENERAL RULE.—Subsection O> of section 6656 (relating to t) failure to make deposit of taxes) is amended to read as follows: "(b) OVERSTATED DEPOSIT CLAIMS.— "(1) IMPOSITION OF PENALTY.—Any person who makes an over-

stated deposit claim shall be subject to a penalty equal to 25 percent of such claim. "(2) OVERSTATED DEPOSIT CLAIM DEFINED.—For purposes of this subsection, the term 'overstated deposit claim* means the excess of— "(A) the amount of tax under this title which any person claims, in a return filed with the Secretary, that such person

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