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Utah Code — Title 59 (Revenue and Taxation)

Utah Code § 59-1-1308

Material advisor penalties

Official textle.utah.gov

# (1)

The penalty for failure of a material advisor to disclose a reportable transaction as required by Section 59-1-1306 is $20,000.

# (2)

If a material advisor that is required to disclose a reportable transaction in accordance with Section 59-1-1306 provides false or incomplete information to the commission, the penalty is $20,000.

# (3)

If a material advisor that is required to maintain a list under Section 59-1-1307 fails to make that list available to the commission within a 20-day period after the day on which the commission mails a written request for that list, the material advisor is subject to a penalty of $10,000 for each day that the material advisor fails to make that list available to the commission after the expiration of the 20-day period.

# (4)

A penalty imposed by this section is in addition to any other penalty imposed by this title.

Last amended: Enacted by Chapter 237, 2006 General Session

Source: view the official text

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In this chapter (40 sections)
  1. 59-1-704 · Restraint of collection restricted
  2. 59-1-705 · Payment and collection of penalties, interest, and other…
  3. 59-1-707 · Writ of mandate requiring taxpayer to file return
  4. 59-1-801.5 · Purpose of compact -- Definitions -- Elements of sales and…
  5. 59-1-808 · Interaudit provisions to apply
  6. 59-1-809 · Commission authority related to the Multistate Tax…
  7. 59-1-1001 · Statement of taxpayer rights
  8. 59-1-1002 · Audit interviews
  9. 59-1-1003 · Penalty waiver
  10. 59-1-1004 · Installment payments
  11. 59-1-1005 · Suits against commission and its employees
  12. 59-1-1006 · Application to jeopardy assessments and property tax
  13. 59-1-1101 · Private collection of tax -- Fee
  14. 59-1-1102 · Disclosure of tax information -- Confidentiality
  15. 59-1-1302 · Definitions
  16. 59-1-1303 · Taxpayer disclosure of reportable transactions
  17. 59-1-1304 · Penalty for taxpayer failure to disclose a reportable…
  18. 59-1-1305 · Penalty for taxpayer underpayment of tax attributable to a…
  19. 59-1-1306 · Material advisor disclosure of reportable transactions
  20. 59-1-1307 · Material advisor maintenance of list
  21. 59-1-1308 · Material advisor penalties
  22. 59-1-1309 · Penalty may be waived, reduced, or compromised for…
  23. 59-1-1402 · Definitions
  24. 59-1-1402.1 · Exceptions to applicability of this part
  25. 59-1-1403 · Commission to collect a tax, fee, or charge -- Receipt for…
  26. 59-1-1404 · Definition -- Mailing procedures -- Rulemaking authority --…
  27. 59-1-1405 · Notice of deficiency -- Notice of assessment -- Amended…
  28. 59-1-1406 · Record retention -- Commission estimates tax if person…
  29. 59-1-1407 · Mathematical errors
  30. 59-1-1408 · Assessments
  31. 59-1-1409 · Definition -- Recomputation of amounts due -- Refunds…
  32. 59-1-1410 · Action for collection of tax, fee, or charge -- Action for…
  33. 59-1-1411 · Notice and demand
  34. 59-1-1412 · Applicability of section -- Delinquent payment -- Notice to…
  35. 59-1-1413 · Lien for a liability
  36. 59-1-1414 · Warrant procedures -- Judgment -- Notice requirements after…
  37. 59-1-1415 · Release of lien
  38. 59-1-1416 · Transferees
  39. 59-1-1417 · Burden of proof -- Statutory construction
  40. 59-1-1418 · Suspension of running of statute of limitations
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