26 USC § 6708 - Failure to maintain lists of advisees with respect to reportable transactions

---
identifier: "/us/usc/t26/s6708"
source: "usc"
legal_status: "official_prima_facie"
title: "26 USC § 6708 - Failure to maintain lists of advisees with respect to reportable transactions"
title_number: 26
title_name: "INTERNAL REVENUE CODE"
section_number: "6708"
section_name: "Failure to maintain lists of advisees with respect to reportable transactions"
chapter_number: 68
chapter_name: "ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIES"
subchapter_number: "B"
subchapter_name: "Assessable Penalties"
part_number: "I"
part_name: "GENERAL PROVISIONS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Added Pub. L. 98–369, div. A, title I, § 142(b), July 18, 1984, 98 Stat. 682; amended Pub. L. 99–514, title XV, § 1534(a), Oct. 22, 1986, 100 Stat. 2750; Pub. L. 108–357, title VIII, §§ 815(b)(5)(A), 817(a), Oct. 22, 2004, 118 Stat. 1583, 1584.)"
---


# § 6708. Failure to maintain lists of advisees with respect to reportable transactions

**(a)** **Imposition of penalty**

**(1)** **In general** If any person who is required to maintain a list under section 6112(a) fails to make such list available upon written request to the Secretary in accordance with section 6112(b) within 20 business days after the date of such request, such person shall pay a penalty of $10,000 for each day of such failure after such 20th day.

**(2)** **Reasonable cause exception** No penalty shall be imposed by paragraph (1) with respect to the failure on any day if such failure is due to reasonable cause.

**(b)** **Penalty in addition to other penalties** The penalty imposed by this section shall be in addition to any other penalty provided by law.

---

**Source Credit**: (Added Pub. L. 98–369, div. A, title I, § 142(b), July 18, 1984, 98 Stat. 682; amended Pub. L. 99–514, title XV, § 1534(a), Oct. 22, 1986, 100 Stat. 2750; Pub. L. 108–357, title VIII, §§ 815(b)(5)(A), 817(a), Oct. 22, 2004, 118 Stat. 1583, 1584.)

## Editorial Notes

### Codification

Another section 6708 was renumbered .

### Amendments

2004—, substituted “advisees with respect to reportable transactions” for “investors in potentially abusive tax shelters” in section catchline.

Subsec. (a). , amended heading and text of subsec. (a) generally. Prior to amendment, text read as follows: “Any person who fails to meet any requirement imposed by section 6112 shall pay a penalty of $50 for each person with respect to whom there is such a failure, 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 for any calendar year shall not exceed $100,000.”

1986—Subsec. (a).  substituted “$100,000” for “$50,000”.

## Statutory Notes and Related Subsidiaries

### Effective Date of 2004 Amendment

Amendment by  applicable to transactions with respect to which material aid, assistance, or advice referred to in  is provided after , see , set out as a note under .

> “The amendment made by this section [amending this section] shall apply to requests made after the date of the enactment of this Act [
> 
> ].”

, , , provided that:

### Effective Date of 1986 Amendment

> “The amendments made by this section [amending this section] shall apply to failures occurring or continuing after the date of the enactment of this Act [
> 
> ].”

, , , provided that:

### Effective Date

Section applicable to any interest which is first sold to any investor after , see , set out as a note under .