UNIFORM PENALTY PROVISIONS TO APPLY TO CERTAIN PENSION REPORTING REQUIREMENTS.

SEC. 1455. UNIFORM PENALTY PROVISIONS TO APPLY TO CERTAIN PENSION REPORTING REQUIREMENTS. (a) Penalties.— (1) Statements.— Paragraph (1) of section 6724(d) is amended by striking “and” at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting “, and”, and by inserting after subparagraph (B) the following new subparagraph: “(C) any statement of the amount of payments to another person required to be made to the Secretary under— “(i) section 408(i) (relating to reports with respect to individual retirement accounts or annuities), or “(ii) section 6047(d) (relating to reports by employers, plan administrators,etc.).”. (2) Reports.— Paragraph (2) of section 6724(d) is amended by striking “or” at the end of subparagraph (U), by striking the period at the end of subparagraph (V) and inserting a comma, and by ins.erting after subparagraph (V) the following new subparagraphs: “(W) section 408(i) (relating to reports with respect to individual retirement plans) to any person other than the Secretary with respect to the amount of payments made to such person, or “(X) section 6047(d) (relating to reports by plan administrators) to any person other than the Secretary with respect to the amount of payments made to such person.”. (b) Modification of Reportable Designated Distributions.— (1) Section 408.— Subsection (i) of section 408 (relating to individual retirement account reports) is amended by inserting “aggregating $10 or more in any calendar year” after “distributions”. 110 STAT. 1818 (2) Section 6047.— Paragraph (1) of section 6047(d) (relating to reports by employers, plan administrators, etc.) is amended by adding at the end the following new sentence: “No return or report may be required under the pre,;eding sentence with respect to distributions to any person during any year unless such distributions aggregate $10 or more.”. (c) Qualifying Rollover Distributions.— Section 6652(i) is amended— (1) by striking “the $10” and inserting “$100”, and (2) by striking “$5,000” and inserting “$50,000”. (d) Conforming Amendments.— (1) Paragraph (1) of section 6047(f) is amended to read as follows: “(1) For provisions relating to penalties for failures to file returns and reports required under this section, see sections 6652(e), 6721, and 6722.”. (2) Subsection (e) of section 6652 is amended by adding at the end the following new sentence: “This subsection shall not apply to any return or statement which is an information return described in section 6724(d)(1)(C)(ii) or a payee statement described in section 6724(d)(2)(X).”. (3) Subsection (a) of section 6693 is amended by adding at the end the following new sentence: “This subsection shall not apply to any report which is an information return described in section 6724(d)(1)(C)(i) or a payee statement described in section 6724(d)(2)(W).”. (e) Effective Date.— The amendments made by this section shall apply to returns, reports, and other statements the due date for which (determined without regard to extensions) is after December 31, 1996.