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26 U.S.C. § 6704 — Failure to keep records necessary to meet reporting requirements under section 6047(d)
Federal law — U.S. Code and appendices · legal_authorities
**(a) Liability for penalty** Any person who—
(1) has a duty to report or may have a duty to report any information under section 6047(d), and
(2) fails to keep such records as may be required by regulations prescribed under section 6047(d) for the purpose of providing the necessary data base for either current reporting or future reporting,
shall pay a penalty for each calendar year for which there is any failure to keep such records.
**(b) Amount of penalty**
(1) **In general** — The penalty of any person for any calendar year shall be $50, multiplied by the number of individuals with respect to whom such failure occurs in such year.
(2) **Maximum amount** — The penalty under this section of any person for any calendar year shall not exceed $50,000.
**(c) Exceptions**
(1) **Reasonable cause** — No penalty shall be imposed by this section on any person for any failure which is shown to be due to reasonable cause and not to willful neglect.
(2) **Inability to correct previous failure** — No penalty shall be imposed by this section on any failure by a person if such failure is attributable to a prior failure which has been penalized under this section and with respect to which the person has made all reasonable efforts to correct the failure.
(3) **Pre-1983 failures** — No penalty shall be imposed by this section on any person for any failure which is attributable to a failure occurring before January 1, 1983, if the person has made all reasonable efforts to correct such pre-1983 failure.
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Source file: Laws/federal/codes/united-states-code/title-26/section-6704-failure-to-keep-records-necessary-to-meet-reporting-requirements-under-s--691d59a063.md
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Source location: Title 26, Chapter 68, § 6704; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md
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**(a) Liability for penalty** Any person who—
(1) has a duty to report or may have a duty to report any information under section 6047(d), and
(2) fails to keep such records as may be required by regulations prescribed under section 6047(d) for the purpose of providing the necessary data base for either current reporting or future reporting,
shall pay a penalty for each calendar year for which there is any failure to keep such records.
**(b) Amount of penalty**
(1) **In general** — The penalty of any person for any calendar year shall be $50, multiplied by the number of individuals with respect to whom such failure occurs in such year.
(2) **Maximum amount** — The penalty under this section of any person for any calendar year shall not exceed $50,000.
**(c) Exceptions**
(1) **Reasonable cause** — No penalty shall be imposed by this section on any person for any failure which is shown to be due to reasonable cause and not to willful neglect.
(2) **Inability to correct previous failure** — No penalty shall be imposed by this section on any failure by a person if such failure is attributable to a prior failure which has been penalized under this section and with respect to which the person has made all reasonable efforts to correct the failure.
(3) **Pre-1983 failures** — No penalty shall be imposed by this section on any person for any failure which is attributable to a failure occurring before January 1, 1983, if the person has made all reasonable efforts to correct such pre-1983 failure.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Periodic payments**
(1) **Withholding as if payment were wages** — The payor of any periodic payment (as defined in subsection (e)(2)) shall withhold from such payment the amount which would be required to be withheld from such payment if such payment were a payment of wages by an employer to an employee for the appropriate payroll period.
(2) **Election of no withholding** — An individual may elect to have paragraph (1) not apply with respect to periodic payments made to such individual. Such an election shall remain in effect until revoked by such individual.
(3) **When election takes effect** — Any election under this subsection (and any revocation of such an election) shall take effect as provided by subsection (f)(3) of section 3402 for withholding allowance certificates.
(4) **Amount withheld where no withholding allowance certificate in effect** — In the case of any payment with respect to which a withholding allowance certificate is not in effect, the amount withheld under paragraph (1) shall be determined under rules prescribed by the Secretary.
**(b) Nonperiodic distribution**
(1) **Withholding** — The payor of any nonperiodic distribution (as defined in subsection (e)(3)) shall withhold from such distribution an amount equal to 10 percent of such distribution.
(2) **Election of no withholding**
(A) *In general* — An individual may elect not to have paragraph (1) apply with respect to any nonperiodic distribution.
(B) *Scope of election* — An election under subparagraph (A)—
(i) except as provided in clause (ii), shall be on a distribution-by-distribution basis, or
(ii) to the extent provided in regulations, may apply to subsequent nonperiodic distributions made by the payor to the payee under the same arrangement.
**(c) Eligible
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 3405
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Energy credit**
(1) **In general** — For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), and (3)(B) of subsection (c), the energy credit for any taxable year is the energy percentage of the basis of each energy property placed in service during such taxable year.
(2) **Energy percentage**
(A) *In general* — Except as provided in paragraphs (6) and (7), the energy percentage is—
(i) 6 percent in the case of—
(I) qualified fuel cell property,
(II) energy property described in clause (i) or (iii) of paragraph (3)(A) but only with respect to property the construction of which begins before January 1, 2025,
(III) energy property described in paragraph (3)(A)(ii),
(IV) qualified small wind energy property,
(V) waste energy recovery property,
(VI) energy storage technology,
(VII) qualified biogas property,
(VIII) microgrid controllers, and
(IX) energy property described in clauses (v) and (vii) of paragraph (3)(A), and
(ii) in the case of any energy property to which clause (i) does not apply, 0 percent.
(B) *Coordination with rehabilitation credit* — The energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures.
(C) *Nonapplication of increases to energy percentage* — For purposes of energy property described in subparagraph (A)(ii), the energy percentage applicable to such property pursuant to such subparagraph shall not be increased or otherwise adjusted by any provision of this section.
(3) **Energy property** — For purposes of this subpart, the term “energy property” means any property—
(A) which is—
(i) equipment which uses solar energy to generate electricity, to he
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirements for qualification** A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section—
(1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relating to deduction for contributions to profit-sharing and stock bonus plans), or by a charitable remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the purpose of distributing to such employees or their beneficiaries the corpus and income of the fund accumulated by the trust in accordance with such plan;
(2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries (but this paragraph shall not be construed, in the case of a multiemployer plan, to prohibit the return of a contribution within 6 months after the plan administrator determines that the contribution was made by a mistake of fact or law (other than a mistake relating to whether the plan is described in section 401(a) or the trust which is part of such plan is exempt from taxation under section 501(a), or the return of any withdrawal liability payment determined to be an overpayment within 6 months of such determination));
(3) if the plan of which such trust is a part satisfies the requireme
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Federal law — U.S. Code and appendices · legal_authorities
Page 3808
TITLE 26—INTERNAL REVENUE CODE
§ 6704
tion is in force may be enjoined by a pro-
ceeding in the proper court. Nothing in this
paragraph shall be construed to prohibit any
counterclaim for the remainder of such pen-
alty in a proceeding begun as provided in para-
graph (2).
(2) Person must bring suit in district court to
determine his liability for penalty
If, within 30 days after the day on which his
claim for refund of any partial payment of any
penalty under section 6700 or 6701 is denied (or,
if earlier, within 30 days after the expiration
of 6 months after the day on which he filed the
claim for refund), the person fails to begin a
proceeding in the appropriate United States
district court for the determination of his li-
ability for such penalty, paragraph (1) shall
cease to apply with respect to such penalty,
effective on the day following the close of the
applicable 30-day period referred to in this
paragraph.
(3) Suspension of running of period of limita-
tions on collection
The running of the period of limitations pro-
vided in section 6502 on the collection by levy
or by a proceeding in court in respect of any
penalty described in paragraph (1) shall be sus-
pended for the period during which the Sec-
retary is prohibited from collecting by levy or
a proceeding in court.
(Added Pub. L. 97–248, title III, § 322(a), Sept. 3,
1982, 96 Stat. 612; amended Pub. L. 101–239, title
VII, §§ 7736(a), 7737(a), Dec. 19, 1989, 103 Stat.
2404.)
Editorial Notes
AMENDMENTS
1989—Subsec. (c)(1). Pub. L. 101–239, § 7737(a), inserted
at end ‘‘Nothing in this paragraph shall be construed to
prohibit any counterclaim for the remainder of such
penalty in a proceeding begun as provided in paragraph
(2).’’
Pub. L. 101–239, § 7736(a), substituted
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6704
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