Page:United States Statutes at Large Volume 97.djvu/412

 97 STAT. 380 PUBLIC LAW 98-67—AUG. 5, 1983 (3) REPEAL OF EXISTING BACKUP WITHHOLDING PROVISIONS. — 96 Stat. 607. Subsection (s) of section 3402 is hereby repealed. 26 USC 3402. (4) CLERICAL AMENDMENT. —The table of sections for chapter 24 is amended by inserting after the item relating to section 3405 the following new item: " Sec. 3406. Backup withholding." SEC. 105. PENALTY FOR FAILURE BY PAYORS TO MEET CERTAIN INTER- EST AND DIVIDEND REPORTING REQUIREMENTS. (a) FAILURE TO SUPPLY TAXPAYER IDENTIFICATION NUMBERS. — 26 USC 6676. Section 6676 (relating to failure to supply identifying numbers) is amended to read as follows: " SEC. 6676. FAILURE TO SUPPLY IDENTIFYING NUMBERS. "(a) IN GENERAL.— If any person who is required by regulations prescribed under section 6109— "(1) to include his TIN in any return, statement, or other document, "(2) to furnish his TIN to another person, or "(3) except in the case of a return or statement required to be 9fi nip finlq ^^ under section 6042, 6044, or 6049, to include in any return, 26 USC 6049. statement, or other document made with respect to another person the TIN of such other person, fails to comply with such requirement at the time prescribed by such regulations, such person shall, unless it is shown that such failure is due to reasonable cause and not to willful neglect, pay a penalty of $5 for each such failure described in paragraph (1) and $50 for each such failure described in paragraph (2) or (3), except that the total amount imposed on such person for all such failures during any calendar year shall not exceed $50,000. "(b) PENALTIES INVOLVING FAILURES ON INTEREST AND DIVIDEND RETURNS.— " (1) IN GENERAL.—If any payor— "(A) is required to include in any return or statement required to be filed under section 6042, 6044, or 6049 with respect to any payee the TIN of such payee, and (B) fails to include such number or includes an incorrect number, then the payor shall pay a penalty of $50 for each such failure unless it is shown that the payor exercised due diligence in attempting to satisfy the requirement with respect to such TIN. "(c) PROCEDURES RELATING TO ASSESSMENT OF PENALTY. — "(1) SELF-ASSESSMENT OF PENALTY IMPOSED BY SUBSECTION (b). — Any penalty imposed under subsection (b) on any person— "(A) for purposes of this subtitle, shall be treated as an 26 USC 4041. excise tax imposed by subtitle D, and "(B) shall be due and payable on April 1 of the calendar year following the calendar year for which the return or statement was made. "(2) DEFICIENCY PROCEDURES NOT TO APPLY. — Subchapter B of 26 USC 6211. chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by this section. " (b) FAILURE TO FILE STATEMENTS. — (1) SECTION 6652.—

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