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Penalty of $20 per day (disclosure requirements)

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  • Penalty of $20 per day (disclosure requirements)

    Is the info below correct and who must pay the penalties for failure to comply??....

    Responsible persons of a tax-exempt organization who fail to provide the documents as required may be subject to a penalty of $20 per day for as long as the failure continues. There is a maximum penalty of $10,000 for each failure to provide a copy of an annual information return. There is no maximum penalty for the failure to provide a copy of an exemption application.

  • #2
    Re: Penalty of $20 per day (disclosure requirements)

    The responsible person of a tax exempt organization who has willfully neglected to provide the disclosure documents will be responsible for payment of penalty. The liability of this person who has failed to provide the document will be at $20 per day as long as the failure continues. The responsible individuals will be subject to maximum penalty of $10,000 for failure to provide a copy of annual information return. In the case of exemption application, there is maximum penalty prescribed for failure to provide the document.

    AFF

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