Reporting obligations for statements of financial transactions expanded; unrectified defects now treated as inaccurate reporting under tax law. The amendment broadens the class of persons required to furnish statements by adding a prescribed reporting financial institution and any other prescribed persons, removes the minimum aggregate value threshold for prescribed specified financial transactions, and replaces the consequence for unrectified defects so that the Act applies as if the person had furnished inaccurate information in the statement.
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Provisions expressly mentioned in the judgment/order text.
Reporting obligations for statements of financial transactions expanded; unrectified defects now treated as inaccurate reporting under tax law.
The amendment broadens the class of persons required to furnish statements by adding a prescribed reporting financial institution and any other prescribed persons, removes the minimum aggregate value threshold for prescribed specified financial transactions, and replaces the consequence for unrectified defects so that the Act applies as if the person had furnished inaccurate information in the statement.
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