[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6693-1]

[Page 425-426]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
   Additions to the Tax, Additional Amounts, and Assessable Penalties
 
Sec. 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 408(a), or the issuer 
of an individual retirement annuity described in section 408(b), who 
fails to furnish or file a report or any other document required under 
section 408(i) and Sec. 1.408-5 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 408(a), or the issuer of an individual 
retirement annuity described in section 408(b), who fails to furnish or 
file a disclosure statement, a governing instrument, an amendment to 
either, or any other document required under section 408(i) and Sec. 
1.408-6, 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 6693 
shall

[[Page 426]]

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 6693 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 6693 and this section 
are in lieu of any penalty imposed by section 6652(f) for violation of 
section 6047(d), 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]