Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 7512
Separate accounting for certain collected taxes, etc.
# (a) General rule
Whenever any person who is required to collect, account for, and pay over any tax imposed by subtitle C or chapter 33— (1) at the time and in the manner prescribed by law or regulations (A) fails to collect, truthfully account for, or pay over such tax, or (B) fails to make deposits, payments, or returns of such tax, and (2) is notified, by notice delivered in hand to such person, of any such failure, then all the requirements of subsection (b) shall be complied with. In the case of a corporation, partnership, or trust, notice delivered in hand to an officer, partner, or trustee, shall, for purposes of this section, be deemed to be notice delivered in hand to such corporation, partnership, or trust and to all officers, partners, trustees, and employees thereof.
# (b) Requirements
Any person who is required to collect, account for, and pay over any tax imposed by subtitle C or chapter 33, if notice has been delivered to such person in accordance with subsection (a), shall collect the taxes imposed by subtitle C or chapter 33 which become collectible after delivery of such notice, shall (not later than the end of the second banking day after any amount of such taxes is collected) deposit such amount in a separate account in a bank (as defined in section 581), and shall keep the amount of such taxes in such account until payment over to the United States. Any such account shall be designated as a special fund in trust for the United States, payable to the United States by such person as trustee.
# (c) Relief from further compliance with subsection (b)
Whenever the Secretary is satisfied, with respect to any notification made under subsection (a), that all requirements of law and regulations with respect to the taxes imposed by subtitle C or chapter 33, as the case may be, will henceforth be complied with, he may cancel such notification. Such cancellation shall take effect at such time as is specified in the notice of such cancellation.
Source: view the official text
Nearby sections (25 sections)
- 7501 · Liability for taxes withheld or collected
- 7502 · Timely mailing treated as timely filing and paying
- 7503 · Time for performance of acts where last day falls on Saturday,…
- 7504 · Fractional parts of a dollar
- 7505 · Sale of personal property acquired by the United States
- 7506 · Administration of real estate acquired by the United States
- 7507 · Exemption of insolvent banks from tax
- 7508 · Time for performing certain acts postponed by reason of service…
- 7508A · Authority to postpone certain deadlines by reason of Federally…
- 7509 · Expenditures incurred by the United States Postal Service
- 7510 · Exemption from tax of domestic goods purchased for the United…
- 7511 · [§7511. Repealed. Pub. L. 87–456, title III, §302(d), May 24,…
- 7512 · Separate accounting for certain collected taxes, etc.
- 7513 · Reproduction of returns and other documents
- 7514 · Authority to prescribe or modify seals
- 7515 · [§7515. Repealed. Pub. L. 94–455, title XII, §1202(h)(4), Oct.…
- 7516 · Supplying training and training aids on request
- 7517 · Furnishing on request of statement explaining estate or gift…
- 7518 · Tax incentives relating to merchant marine capital construction…
- 7519 · Required payments for entities electing not to have required…
- 7520 · Valuation tables
- 7521 · Procedures involving taxpayer interviews
- 7522 · Content of tax due, deficiency, and other notices
- 7523 · Graphic presentation of major categories of Federal outlays and…
- 7524 · Annual notice of tax delinquency