(a) In general.— The Secretary may require that the information statements that must be filed under the provisions of this part, be filed using magnetic or electronic means. The Secretary shall promulgate the regulations needed to establish the standards that shall apply when electronic means are required to be used for these purposes.(b) Requirements of the regulations.— Upon promulgating the regulations under subsection (a), the Secretary shall not require a person to file information statements using electronic means unless such person must file at least five (5) statements during a calendar year. However, the Secretary may, whenever he/she deems it convenient, reduce to less than five (5) the number of information statements required to be filed through electronic means in any taxable year.(c) The Department of the Treasury shall provide an electronic authentication mechanism which serves as confirmation of the electronic transaction to those citizens who file information statements through electronic means.(d) Failure to file.— If any person who is required to submit information statements using electronic means fails to file same in such manner, it shall be considered as if

ts through electronic means.(d) Failure to file.— If any person who is required to submit information statements using electronic means fails to file same in such manner, it shall be considered as if such statements have not been filed; therefore, said person shall be subject to penalties for failure to file the income tax returns or statements set forth in §§ 33001 et seq. of this title. History —Jan. 31, 2011, No. 1, § 1063.09, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 80.