§6704 Failure to keep records necessary to meet reporting requirements under section 6047(d)

Summary

People who must report information under section 6047(d) have to keep the records the rules require so reports can be made now or later. If they fail to keep those records, the penalty is $50 for each person affected that year, up to $50,000 total for the year. No penalty applies if the failure was for a good reason and not on purpose. No penalty applies if the failure was caused by an earlier failure that was already fined and the person has made reasonable efforts to fix it. No penalty applies for failures that happened before January 1, 1983 if the person has made reasonable efforts to correct them.