Page:United States Statutes at Large Volume 97.djvu/411

 PUBLIC LAW 98-67 —AUG. 5, 1983 97 STAT. 379 much of subtitle F (other than section 7205) as relates to this chapter, payments which are subject to withholding under this section shall be treated as if they were wages paid by an employer to an employee (and amounts deducted and withheld under this section shall be treated as if deducted and withheld under section 3402). "(i) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section." (b) CIVIL DAMAGES FOR UNAUTHORIZED DISCLOSURE OF INFORMA- TION.—Section 7431 (relating to civil damages for unauthorized 96 Stat. 645. disclosure of returns and return information) is amended by adding ^^ ^SC 7431. at the end thereof the following new subsection: "(f) EXTENSION TO INFORMATION OBTAINED UNDER SECTION 3406. — Ante, p. 37i. For purposes of this section— "(1) any information obtained under section 3406 (including information with respect to any payee certification failure under subsection (d) thereof) shall be treated as return informa- tion, and "(2) any use of such information other than for purposes of meeting any requirement under section 3406 or (subject to the safeguards set forth in section 6103) for purposes permitted under section 6103 shall be treated as a violation of section 6103. For purposes of subsection (b), the reference to section 6103 shall be treated as including a reference to section 3406." (c) PENALTY FOR FAILURE BY BROKER TO PROVIDE NOTICE.— (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. 26 USC 6705. "(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." (2) CONFORMING AMENDMENT.— The table of sections for sub- chapter B of chapter 68 is amended by adding at the end thereof the following new item: "Sec. 6705. Failure by broker to provide notice to payors." (d) TECHNICAL AMENDMENTS.— (1) DEFINITION OF TIN.—Subsection (a) of section 7701 (relating 96 Stat. 26ii. to definitions) is amended by adding at the end thereof the 26 USC 770i. following new paragraph: "(41) TIN. —The term 'TIN' means the identifying number assigned to a person under section 6109." (2) YEAR FOR WHICH CREDIT ALLOWED. — Section 31 (relating to 96 Stat. 585. credit for tax withheld on wages) is amended by adding at the ^6 USC 3i. end thereof the following new subsection: "(c) SPECIAL RULE FOR BACKUP WITHHOLDING.—Any credit allowed by subsection (a) for any amount withheld under section 3406 shall Ante, p. 371. be allowed for the taxable year of the recipient of the income in which the income is received."

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