; regulations The Secretary shall— (1) provide guidance regarding such information reporting concerning covered transactions as the Secretary deems appropriate, including reporting by the payor of the tax in cases where the payor is not the purchaser, and (2) prescribe such regulations as are necessary or appropriate to prevent avoidance of the purposes of this section, including the use of non-United States persons in such transactions. (k) Whistleblowers See section 7623 for provisions relating to whistleblowers. . (b) Penalty for Failure To Include Covered Transaction Information With Return Part I of subchapter B of chapter 68 of the Internal Revenue Code of 1986 is amended by inserting after section 6707A the following new section: 6707B. Penalty for failure to include covered transaction information with return (a) Imposition of penalty Any person who fails to include on any return or statement any information with respect to a covered transaction which is required pursuant to section 4475(j)(1) to be included with such return or statement shall pay a penalty in the amount determined under subsection (b). (b) Amount of penalty Except as otherwise provided in this subsection, the amount of the penalty under subsection (a) with respect to any covered transaction shall be determined by the Secretary. (c) Covered transaction For purposes of this section, the term covered transaction has the meaning given such term by section 4475(d). (d) Authority To Rescind Penalty (1) In general The Commissioner of Internal Revenue may rescind all or any portion of any penalty imposed by this section with respect to any violation if rescinding the penalty would promote compliance with the requirements of this title and effective tax administration. (2) No judicial appeal Notwithstanding any other provision of law, any determination under this subsection may not be reviewed in any judicial proceeding. (3) Records If a penalty is rescinded under paragraph (1), the Commissioner shall place in the file in the Office of the