Reg. § 301.6693-1 Penalty for failure to provide reports and documents concerning individual retirement accounts or annuities.
(a) In general
(1) Annual reports, etc The trustee of an individual retirement account described in section , or the issuer of an individual retirement annuity described in section , who fails to furnish or file a report or any other document required under section and within the time and in the manner prescribed for furnishing or filing such item shall pay a penalty of $10 for each failure unless it is shown that such failure is due to reasonable cause.
(2) Disclosure statements The trustee of an individual retirement account described in section , or the issuer of an individual retirement annuity described in section , who fails to furnish or file a disclosure statement, a governing instrument, an amendment to either, or any other document required under section and , within the time and in the manner prescribed for furnishing or filing such item, shall pay a penalty of $10 for each failure unless it is shown that such failure is due to reasonable cause.
(b) Showing of reasonable cause The penalty imposed by section shall not apply to any person with respect to a failure to furnish or file a report, statement, or other document within the time and in the manner prescribed if it is established to the satisfaction of the district director that such failure was due to reasonable cause. An affirmative showing of reasonable cause must be made in the form of a written statement, containing a declaration by such person that it is made under the penalties of perjury and setting forth all the facts alleged to constitute reasonable cause.
(c) Deficiency procedures not to apply The penalty imposed by section may be assessed and collected without regard to the deficiency procedures provided by subchapter B of chapter 63 of the Code.
(d) Other penalties The penalties of section and this section are in lieu of any penalty imposed by section for violation of section , with respect to any failure to furnish or file described in this section.
(e) Effective date This section shall take effect on January 1, 1975.
[T.D. 7730, 45 FR 72652, Nov. 3, 1980]