SECTION 5. REQUIRED

DISCLOSURES

.01 In general. Prior to, or at the time of, a recipient’s consent, the furnisher must provide to the recipient a clear and conspicuous disclosure statement containing each of the disclosures described in Sections 5.02 through 5.08 of this revenue procedure. The statement may be electronic or on paper. The statement must provide instructions on how to access and print the statement.

.02 Paper statement. The furnisher must inform the recipient that the Schedule K–1 will be furnished on paper if the recipient does not consent to receive it electronically.

.03 Scope and duration of consent. The furnisher must inform the recipient of the scope and duration of the consent. For example, the furnisher must inform the recipient whether the consent applies to each Schedule K–1 required to be furnished after the consent is given until it is withdrawn in the manner described in Section 4.02 of this revenue procedure or only to the first Schedule K–1 required to be furnished after the consent is given.

.04 Post-consent request for a paper statement. The furnisher must inform the recipient of any procedure for obtaining a paper copy of the recipient’s statement after providing the consent described in Section 4.01 of this revenue procedure and whether a request for a paper statement will be treated as a withdrawal of consent.

.05 Withdrawal of consent. The furnisher must inform the recipient that—

(1) The recipient may withdraw consent by writing (electronically or on paper) to the person or department whose name, mailing address, telephone number, and e-mail address is provided in the disclosure statement;

(2) The furnisher may provide that a withdrawal of consent takes effect either on the date it is received by the furnisher or on a subsequent date determined by the furnisher and communicated to the recipient within a reasonable period of time after the furnisher receives the withdrawal.

(3) The furnisher will confirm the withdrawal and the date on which it takes effect in writing (either electronically or on paper); and

(4) A withdrawal of consent does not apply to a statement that was furnished

electronically in the manner described in this revenue procedure before the date on which the withdrawal of consent takes effect.

.06 Notice of termination. The furnisher must inform the recipient of the conditions under which a furnisher will cease furnishing statements electronically to the recipient (for example, the recipient’s withdrawal from the partnership).

.07 Updating information. The furnisher must inform the recipient of the procedures for updating the information needed by the furnisher to contact the recipient. The furnisher must inform the recipient of any change in the furnisher’s contact information.

.08 Hardware and software require- ments. The furnisher must describe to the recipient the hardware and software required to access, print, and retain the Schedule K–1, and the date when the Schedule K–1 will no longer be available on the website. The furnisher must inform the recipient that the Schedule K–1 may be required to be printed and attached to a Federal, State, or local income tax return.