U.S. Code » Title 26 » Subtitle Subtitle F— Procedure and Administration › Chapter CHAPTER 68— ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIES › Subchapter Subchapter B— Assessable Penalties › Part PART I— GENERAL PROVISIONS

26 U.S.C. § 6705

Failure by broker to provide notice to payors

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(a) In general

Any person required under section 3406(d)(2)(B) 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.

(Added Pub. L. 98–67, title I, § 104(c)(1), Aug. 5, 1983, 97 Stat. 379.)Statutory Notes and Related SubsidiariesEffective Date

Section effective with respect to payments made after Dec. 31, 1983, see section 110(a) of Pub. L. 98–67, set out as an Effective Date of 1983 Amendment note under section 31 of this title.

Notes of Decisions
Cited in 2 cases, 1987–1988 · leading case: Spriggs v. United States, 660 F. Supp. 789 (E.D. Va. 1987).
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Spriggs v. United States, 660 F. Supp. 789 (E.D. Va. 1987). “See also 26 U.S.C. §§ 6705 , 6706, 6707, and 6708.”
Hersch v. United States, 685 F. Supp. 325 (E.D.N.Y. 1988). “” In addition, the penalty for failure by a broker to provide notice to payors is “$500 for each such failure,” 26 U.S.C. § 6705 ; the penalty for failure to show information on a debt instrument is “$50 for each instrument with respect to which such failure exists,” 26 U.”
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