MODIFICATIONS TO OTHER ASSESSABLE PENALTIES WITH RESPECT TO RETURN PREPARERS.

SEC. 7733. MODIFICATIONS TO OTHER ASSESSABLE PENALTIES WITH RESPECT TO RETURN PREPARERS. (a) Failure To Furnish Copy to Taxpayer.—Subsection (a) of section 6695 is amended— (1) by striking “$25” and inserting “$50”, and (2) by adding at the end thereof the following new sentence: “The maximum penalty imposed under this subsection on any person with respect to documents filed during any calendar year shall not exceed $25,000.” (b) Failure To Sign Return.—Subsection (b) of section 6695 is amended— (1) by striking “$25” and inserting “$50”, and (2) by adding at the end thereof the following new sentence: “The maximum penalty imposed under this subsection on any person with respect to documents filed during any calendar year shall not exceed $25,000.” (c) Failure To Furnish Identifying Number.—Subsection (c) of section 6695 is amended— 103 STAT. 2403 (1) by striking “$25” and inserting “$50”, and (2) by adding at the end thereof the following new sentence: “The maximum penalty imposed under this subsection on any person with respect to documents filed during any calendar year shall not exceed $25,000.” (d) Failure To FILE Correct Information Returns.—Subsection (e) of section 6695 is amended to read as follows: “(e) Failure To File Correct Information Returns.—Any person required to make a return under section 6060 who fails to comply with the requirements of such section shall pay a penalty of $50 for— “(1) each failure to file a return as required under such section, and “(2) each failure to set forth an item in the return as required under section, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection on any person with respect to any return period shall not exceed $25,000.” (e) Effective Date.—The amendments made by this section shall apply to documents prepared after December 31, 1989.