1. (1) An account administrator who fails to comply with a provision described in Subsection (2) is subject to:

   1. (a) the civil penalties provided in Section 59-1-401; and
   2. (b) interest at the rate and in the manner provided in Section 59-1-402.

2. (2) The following provisions apply to Subsection (1):

   1. (a) a provision of this chapter relating to an addition to income made in accordance with Section 59-10-114; or
   2. (b) a provision of Title 59, Chapter 10, Individual Income Tax Act, relating to an addition to income made in accordance with Section 59-10-114.

Amended by Chapter 281, 2018 General Session