; (B) an excess accumulation in an individual retirement arrangement as described in section 4974 of such Code; or (C) any other error associated with an individual retirement arrangement that the Secretary has the capability to detect automatically because of inconsistencies in returns filed or reports made under such Code. (2) Exceptions The Secretary is not required to issue a notice under paragraph (1) with respect to an individual retirement arrangement in any case in which the Secretary— (A) intends to initiate an audit of the individual retirement arrangement; (B) has reason to believe there is no outstanding tax liability attributable to an excess contribution, excess accumulation, or other error described in subparagraph (A), (B), or (C) of paragraph (1); or (C) has other good cause consistent with the purposes of this Act. (3) Content A notice issued under paragraph (1) to a taxpayer with respect to an individual retirement arrangement shall include— (A) an explanation of taxes that could be owed, as of the date of the notice, because of an excess contribution, excess accumulation, or other error described in subparagraph (A), (B), or (C) of paragraph (1), including, if applicable, an explanation of the reduced rates of tax available under section 4973(i) or 4974(e), as the case may be, of the Internal Revenue Code of 1986 for voluntary correction of an excess contribution or excess accumulation described in subparagraph (A) or (B) of paragraph (1) if voluntary correction is made within the correction window applicable under section 4973(i) or 4974(e), as the case may be, of such Code; (B) a statement that any failure to remit any taxes owed may result in an audit