Interest and Dividend Tax Compliance Act of 1983
The Interest and Dividend Tax Compliance Act of 1983 was passed as Title I of Public Law 98–67, on Aug. 5, 1983, in the United States. As described in the conference report, it contained these provisions:
- It amended the Tax Equity and Fiscal Responsibility Act of 1982 to repeal, as of June 30, 1983, provisions which require the withholding of tax on interest and dividends.
- It provided a system of backup withholding for taxpayers who underreport interest and dividend income or who fail to provide accurate taxpayer information. Under this system, the payor of any amount of income must deduct and withhold 20 percent of such payment if the payee fails to provide a taxpayer identification number or provides an incorrect one. It requires the payor of interest and dividend income to withhold 20 percent of such amounts if such payor receives notice from the Internal Revenue Service that his payee has underreported interest and dividend income or has not properly certified that he is exempt from a withholding requirement.
- It imposed a $500 penalty upon retail brokers for each intentional failure to provide a payor of reportable payments with a taxpayer identification number or a backup withholding status report.
- It imposed a penalty for failure to provide a taxpayer identification number, or any statement or return, with respect to the reporting of interest and dividend income. It removed the $50,000 limitation on the total amount of such penalty. A taxpayer would be exempt from penalty if he can show due diligence in attempting to satisfy the requirement. It made the penalty self-assessable on the taxpayer's return as an excise tax.
- It applied the negligence penalty for underpayment of tax to payees of interest and dividend income who fail to report all such income.
- It imposed the civil penalty for providing false information with respect to withholding on a failure to provide backup withholding information, and a criminal penalty for providing false backup withholding information.
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Ronald Reagan
- 40th President of the United States (1981–1989)
- 33rd Governor of California (1967–1975)
politics
- Birthplace
- Pitney Store
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- General Electric Showcase House
- 668 St. Cloud Road
- Rancho del Cielo
- Filmography
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- Governorship of California
- Rockefeller Commission
- Citizens for the Republic
- Presidential Library and Museum
- Reagan era
- Reagan coalition
- 1989 trip to Japan
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(timeline)
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- AIDS
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- Ronald Reagan Speaks Out Against Socialized Medicine (1961)
- "A Time for Choosing" (1964)
- States' rights speech (1980)
- Inaugural address
- "Ash heap of history" (1982)
- "Evil empire" (1983)
- "Tear down this wall!" (1987)
- Joint session of Congress (1981)
- State of the Union Address
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Presidential |
depictions
- Bibliography
- In music
- Let Them Eat Jellybeans! (1981)
- U.S. Postage stamps
- Rap Master Ronnie
- Ed the Happy Clown (1983 comic series)
- Spitting Image (TV series) (1984)
- A Mind Forever Voyaging (1985 game)
- The Dark Knight Returns (1986)
- film adaptation
- Pizza Man (1991 film)
- The Day Reagan Was Shot (2001 film)
- Reagan's War (2002 book)
- The Reagans (2003 film)
- Reagan (2011 documentary)
- The Butler (2013 film)
- Killing Reagan (2015 book)
- Killing Reagan (2016 film)
- Call of Duty: Black Ops Cold War (2020 game)
- The Reagans (2020 miniseries)
- Reagan (2024 film)
- "What would Reagan do?"
- Namesakes and memorials
- U.S. Capitol statue
- USS Ronald Reagan (CVN-76)
- Ronald Reagan Day
- Reagan Day Dinner
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- Category