Sec. 1001. Failure to File Tax Returns: (a) Failure to file tax return. In case of failure to file any tax return required under this Act on the date prescribed therefor, (determined with regard to any extensions of time for filing) there shall be added as a penalty the amount prescribed by Section 3-3 of the Uniform Penalty and Interest Act. (b) Failure to disclose reportable transaction. Any taxpayer who fails to comply with the requirements of Section 501(b) of this Act shall pay a penalty in the amount determined under this subsection. Such penalty shall be deemed assessed upon the date of filing of the return for the taxable year in which the taxpayer participates in the reportable transaction. A taxpayer shall not be considered to have complied with the requirements of Section 501(b) of this Act unless the disclosure statement filed with the Department includes all of the information required to be disclosed with respect to a reportable transaction pursuant to Treasury Regulations Section 1.6011-4 (26 CFR 1.6011-4) and regulations promulgated by the Department under Section 501(b) of this Act.(1) Amount of penalty. Except as provided in paragraph (2), the amount of the penalty under this subsection shall be $15,000 for each failure to comply with the requirements of Section 501(b). (2) Increase in penalty for listed transactions. In the case of a failure to comply with the requirements of Section 501(b) with respect to a "listed transaction", the penalty under this subsection shall be $30,000 for each failure. (3) Authority to rescind penalty. The Department may rescind all or any portion of any penalty imposed by this subsection with respect to any violation, if any of the following apply:

(A) It is determined that failure to comply did not jeopardize the best interests of the State and is not due to any willful neglect or any intent not to comply; (B) The person on whom the penalty is imposed has a history of complying with the requirements of this Act; (C) It is shown that the violation is due to an unintentional mistake of fact; (D) Imposing the penalty would be against equity and good conscience; (E) Rescinding the penalty would promote compliance with the requirements of this Act and effective tax administration; or (F) The taxpayer can show that there was a reasonable cause for the failure to disclose and that the taxpayer acted in good faith. A determination made under this subparagraph (3) may be reviewed in any administrative or judicial proceeding.