# Section 6708 Failure To Maintain List of Advisees With Respect to Reportable Transactions
> **IRS** · Final regulations. · Published 2016-04-28 · Effective 2016-04-28 · 81 FR 25328
## Document
- **Document number:** 2016-09765
- **Category:** tax-irs
- **Sub-agency:** IRS
- **Federal Register citation:** 81 FR 25328
- **CFR reference:** 26 CFR 301
- **Publication date:** 2016-04-28
- **Effective date:** 2016-04-28
- **Treasury docket:** TD 9764
## Abstract

This document contains final regulations relating to the penalty under section 6708 of the Internal Revenue Code for failing to make available lists of advisees with respect to reportable transactions. Section 6708 imposes a penalty upon material advisors for failing to make available to the Secretary, upon written request, the list required to be maintained by section 6112 of the Internal Revenue Code within 20 business days after the date of such request. The final regulations primarily affect individuals and entities who are material advisors, as defined in section 6111 of the Internal Revenue Code.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2016/04/28/2016-09765/section-6708-failure-to-maintain-list-of-advisees-with-respect-to-reportable-transactions)
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