§ 301.6688-1 Assessable penalties with respect to information required to be furnished with respect to possessions.
Amended 1976, 2004
- 2004 Pub. L. 108-357 Pub. L. 108–357 inserted “under section 937(c) or” before “by regulations” and substituted “$1,000” for “$100”.
- 1976 Pub. L. 94-455 Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Forms: Form 8898
Final rules 2
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.