Treasury Regulations (26 C.F.R.)
26 CFR § 301.6688-1
Assessable penalties with respect to information required to be furnished with respect to possessions.
# (a) In general.
Each individual described in section 7654(a) who is subject to an information reporting requirement promulgated under the authority of section 937(c) or 7654 and who fails to fully satisfy such requirement within the time prescribed for reporting such information must, in addition to any criminal penalty provided by law, pay a penalty of $1000 for each such failure. Information reporting requirements promulgated under the authority of sections 937(c) and 7654(e) include the requirement for an individual to file Form 8898, “Statement for Individuals who Begin or End Bona Fide Residence in a U.S. Possession,” under § 1.937-1(h) of this chapter, to report that he or she became or ceased to be a bona fide resident of a possession.
# (b) Manner of payment.
The penalty set forth in paragraph (a) of this section must be paid in the same manner as tax upon the issuance of a notice and demand for the penalty.
# (c)
Reasonable cause—(1) The penalty set forth in paragraph (a) of this section will not apply if it is established to the satisfaction of the Commissioner that the failure to file the information return or furnish the information within the prescribed time was due to reasonable cause and not to willful neglect. An individual who wishes to avoid the penalty must make an affirmative showing of all facts alleged as a reasonable cause for failure to file the information return on time, or furnish the information on time, in the form of a written statement containing a declaration that it is made under penalties of perjury. This statement must be filed with Internal Revenue Service Center where Form 8898 must be filed. In determining whether there was reasonable cause for failure to furnish the required information, account will be taken of the fact that the individual was unable to furnish the required information in spite of the exercise of ordinary business care and prudence in his effort to furnish the information. An individual will be considered to have exercised ordinary business care and prudence in his effort to furnish the required information if he made reasonable efforts to furnish the information but was unable to do so because of a lack of sufficient facts on which to make a proper determination.
# (d) Effective/applicability date.
This section applies to taxable years ending after April 9, 2008.
[T.D. 9391, 73 FR 19376, Apr. 9, 2008; 73 FR 27728, May 14, 2008]
Source: view the official text
In this part (40 sections)
- 301.6652-1 · Failure to file certain information returns.
- 301.6652-2 · Failure by exempt organizations and certain nonexempt…
- 301.6652-3 · Failure to file information with respect to employee…
- 301.6653-1 · Failure to pay tax.
- 301.6654-1 · Failure by individual to pay estimated income tax.
- 301.6655-1 · Failure by corporation to pay estimated income tax.
- 301.6656-1 · Abatement of penalty.
- 301.6657-1 · Bad checks.
- 301.6658-1 · Addition to tax in case of jeopardy.
- 301.6659-1 · Applicable rules.
- 301.6671-1 · Rules for application of assessable penalties.
- 301.6672-1 · Failure to collect and pay over tax, or attempt to evade…
- 301.6673-1 · Damages assessable for instituting proceedings before the…
- 301.6674-1 · Fraudulent statement or failure to furnish statement to…
- 301.6678-1 · Failure to furnish statements to payees.
- 301.6679-1 · Failure to file returns, etc. with respect to foreign…
- 301.6682-1 · False information with respect to withholding allowances…
- 301.6684-1 · Assessable penalties with respect to liability for tax…
- 301.6685-1 · Assessable penalties with respect to private foundations'…
- 301.6686-1 · Failure of DISC to file returns.
- 301.6688-1 · Assessable penalties with respect to information required…
- 301.6689-1 · Failure to file notice of redetermination of foreign…
- 301.6690-1 · Penalty for fraudulent statement or failure to furnish…
- 301.6692-1 · Failure to file actuarial report.
- 301.6693-1 · Penalty for failure to provide reports and documents…
- 301.6707-1 · Failure to furnish information regarding reportable…
- 301.6707A-1 · Failure to include on any return or statement any…
- 301.6708-1 · Failure to maintain lists of advisees with respect to…
- 301.6708-1T · Failure to maintain list of investors in potentially…
- 301.6712-1 · Failure to disclose treaty-based return positions.
- 301.6721-0 · Table of Contents.
- 301.6721-1 · Failure to file correct information returns.
- 301.6722-1 · Failure to furnish correct payee statements.
- 301.6723-1 · Failure to comply with other information reporting…
- 301.6724-1 · Reasonable cause.
- 301.6751(b)-1 · (b)-1 Supervisory and higher level official approval…
- 301.6801-1 · Authority for establishment, alteration, and distribution.
- 301.6802-1 · Supply and distribution.
- 301.6803-1 · Accounting and safeguarding.
- 301.6804-1 · Attachment and cancellation.