§6688 — Assessable penalties with respect to information required to be furnished under section 7654
Statute Text — 26 U.S.C. §6688
In addition to any criminal penalty provided by law, any person described in section 7654(a) who is required under section 937(c) or by regulations prescribed under section 7654 to furnish information and who fails to comply with such requirement at the time prescribed by such regulations unless it is shown that such failure is due to reasonable cause and not to willful neglect, shall pay (upon notice and demand by the Secretary and in the same manner as tax) a penalty of $1,000 for each such failure.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §301.6688-1 Assessable penalties with respect to information required to be furnished with respect to possessions
- Treas. Reg. §Treas. Reg. §301.6688-1(a) In general.
- Treas. Reg. §Treas. Reg. §301.6688-1(b) Manner of payment.
- Treas. Reg. §Treas. Reg. §301.6688-1(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.
- Treas. Reg. §Treas. Reg. §301.6688-1(d) Effective/applicability date.
0 Citing Cases
No citing cases found in the corpus.