26 U.S.C. § 6693 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 6693. Failure to provide reports on certain tax-favored accounts or annuities; penalties relating to designated nondeductible contributions

(1) In general.--If a person required to file a report under a provision referred to in paragraph (2) fails to file such report at the time and in the manner required by such provision, such person shall pay a penalty of $50 for each failure unless it is shown that such failure is due to reasonable cause.

(2) Provisions.--The provisions referred to in this paragraph are--

This subsection shall not apply to any report which is an information return described in section 6724(d)(1)(C)(i) or a payee statement described in section 6724(d)(2)(X).

(1) Overstatement of designated nondeductible contributions.--Any individual who--

shall pay a penalty of $100 for each such overstatement unless it is shown that such overstatement is due to reasonable cause.

(2) Failure to file form.--Any individual who fails to file a form required to be filed by the Secretary under section 408(o)(4) shall pay a penalty of $50 for each such failure unless it is shown that such failure is due to reasonable cause.

(1) Employer penalties.--An employer who fails to provide 1 or more notices required by section 408(l)(2)(C) shall pay a penalty of $50 for each day on which such failures continue.

(2) Trustee and issuer penalties.--A trustee or issuer who fails--

(3) Reasonable cause exception.--No penalty shall be imposed under this subsection with respect to any failure which the taxpayer shows was due to reasonable cause.