impose a penalty

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For income tax returns (including amended returns) and refund claims, standards previously in effect for determining if the IRS would impose a penalty under section 6694(a) will apply during the transitional relief period.
Under interim rules, the Service will impose a penalty under Sec.
The legislation permits the FTB to impose a penalty of $5,000 for such requests, unless the taxpayer, after notice, withdraws the submission within 30 days after being given notice.
Nevertheless, taxpayers should be aware that while they may not necessarily have to disclose such prior-year transactions with their 2003 returns, there is no guarantee that the FTB will not subsequently impose a penalty that is not directly tied to the statutory disclosure requirements on a transaction (e.
In addition, section 6723 was amended to impose a penalty for failure to comply with specified information reporting requirements not covered by section 6721 and 6722.