year in which the taxable year begins, determined by substituting calendar year 2016 for calendar year 1992 in subparagraph (B) thereof. If any amount as increased under the preceding sentence is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100. (h) Reports The trustee of a small business start-up savings account shall make such reports regarding such account to the Secretary and to the individual for whom the account is, or is to be, maintained with respect to contributions (and the years to which they relate), distributions, aggregating $10 or more in any calendar year, and such other matters as the Secretary may require. The reports required by this subsection— (1) shall be filed at such time and in such manner as the Secretary prescribes, and (2) shall be furnished to individuals— (A) not later than January 31 of the calendar year following the calendar year to which such reports relate, and (B) in such manner as the Secretary prescribes. (i) Regulations The Secretary shall issue such regulations or other guidance as may be necessary to carry out this section, including for purposes of subsection (c)(2) the making reports by regarding qualified start-up expenditures of an entity in which the taxpayer directly holds stock or a capital or profits interest. . (b) Tax on prohibited transactions (1) In general Paragraph (1) of section 4975(e) of such Code (relating to prohibited transactions) is amended by striking or at the end of subparagraph (F), by redesignating subparagraph (G) as subparagraph (H), and by inserting after subparagraph (F) the following new subparagraph: (G) a small business start-up savings account described in section 530A, or . (2) Special rule Subsection (c) of section 4975 of such Code is amended by adding at the end of subsection (c) the following new paragraph: (7) Special rule for small business start-up savings accounts An individual for whose benefit a small business start-up savings account is established and any contributor to such account shall