(1) Fiduciaries required to make returns under laws imposing tax upon or measured by net income, proprietorships, partnerships, corporations, joint stock companies or associations or insurance companies, having places of business in this state, in whatever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries, employers, purchasers of stumpage and all officers and employees of the state or of any political subdivisions of the state, having the control, custody, disposal or payment of interest (other than interest coupons payable to bearer), rent, dividends, salaries, fees, wages, the purchase price of stumpage, emoluments or other fixed or determinable annual or periodical gains, profits and income, paid or payable, during any year to any taxpayer, shall make return thereof, under oath, to the Department of Revenue, under such regulations and in such form and manner and to such extent as it may prescribe.

(2)(a) Every person doing business as a broker shall, when required by the department, render a correct return duly verified under oath, under such rules and regulations as the department may prescribe, showing the names of customers for whom such person has transacted any business, with such details as to the profits, losses, or other information which the department may require, as to each of such customers, as will enable the department to determine whether all income tax due on profits or gains of such customers has been paid.

(b) Every person who is required to file a return with respect to a real estate transaction under section 6045(e) of the Internal Revenue Code shall file a copy of that return with the department.

(3) The department may prescribe circumstances under which the filing requirements under this section are waived.

(4) In addition to any other penalty provided by law:

(a) A person who fails to file a return required under this section, or who files an incomplete or incorrect return, shall be subject to a penalty of $50 per information return after the date on which the return is due, up to a maximum penalty of $2,500.

(b) A person who knowingly fails to file a return required under this section, or who knowingly files an incomplete, false or misleading return, shall be subject to a penalty of $250 per information return after the date on which the return is due, up to a maximum penalty of $25,000. [1957 c.632 § 7 (enacted in lieu of 316.535); 1959 c.305 § 1; 1987 c.293 § 59; 1987 c.366 § 3; 1997 c.839 § 54; 2013 c.734 § 1]