26 U.S.C. § 6704: Failure to keep records necessary to meet reporting requirements under section 6047(d)

has a duty to report or may have a duty to report any information under section 6047(d), and fails to keep such records as may be required by regulations prescribed under section 6047(d) for the purpose of providing the necessary data base for either current reporting or future reporting, The penalty of any person for any calendar year shall be $50, multiplied by the number of individuals with respect to whom such failure occurs in such year. The penalty under this section of any person for any calendar year shall not exceed $50,000. No penalty shall be imposed by this section on any person for any failure which is shown to be due to reasonable cause and not to willful neglect. No penalty shall be imposed by this section on any failure by a person if such failure is attributable to a prior failure which has been penalized under this section and with respect to which the person has made all reasonable efforts to correct the failure. No penalty shall be imposed by this section on any person for any failure which is attributable to a failure occurring before January 1, 1983 , if the person has made all reasonable efforts to correct such pre-1983 failure.