Source: https://www.ecfr.gov/cgi-bin/text-idx?mc=true&node=se26.15.1_16038d_68&rgn=div8
Timestamp: 2020-06-06 12:03:57
Document Index: 710929679

Matched Legal Cases: ['art 1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§1']

Title 26 → Chapter I → Subchapter A → Part 1 → §1.6038d-8
§1.6038D-8 Penalties for failure to disclose.
(a) In general. If a specified person fails to file a Form 8938, “Statement of Specified Foreign Financial Assets,” that includes the information required by section 6038D(c) and §1.6038D-4 with respect to any taxable year at the time and in the manner described in section 6038D(a) and §1.6038D-2, a penalty of $10,000 will apply to that specified person.
(b) Married specified individuals filing a joint annual return. Married specified individuals who file a joint annual return and fail to file a required Form 8938 that includes the information required by section 6038D(c) and §1.6038D-4 with respect to any taxable year at the time and in the manner described in section 6038D(a) and §1.6038D-2 are subject to penalties under this section as if the married specified individuals are a single specified individual. The liability of married specified individuals who file a joint annual return with respect to any penalties under this section is joint and several.
(d) Presumption of aggregate value. For the purpose of assessing penalties imposed under section 6038D(d), if the Commissioner or his delegate determines that a specified person has an interest in one or more specified foreign financial assets and the specified person does not provide sufficient information to demonstrate the aggregate value of the assets upon request by the Commissioner or his delegate, then the aggregate value of the assets is treated as being in excess of the applicable reporting threshold set forth in §1.6038D-2(a).
(e) Reasonable cause exception—(1) In general. If the failure to report the information required in section 6038D(c) and §1.6038D-4 is shown to be due to reasonable cause and not due to willful neglect, no penalty will be imposed under section 6038D(d) or this section.
(2) Affirmative showing required. In order to show that the failure to report the information required in section 6038D(c) and §1.6038D-4 is due to reasonable cause and not due to willful neglect for purposes of section 6038D(g) and this section, the specified person must make an affirmative showing of all the facts alleged as reasonable cause for the failure to disclose.
[T.D. 9706, 79 FR 73832, Dec. 12, 2014]