Unless the Deputy Director has granted an extension of time, a payer that does not timely file a report is liable for a monetary penalty of $1,000 per day for each day the filing of the report is delayed. A report that is substantially incomplete or inaccurate is not timely filed. The filing of a written petition for review of a denial of an extension of time stays the accrual of the monetary penalty under §A of these regulations. If the Commission affirms the action of the Deputy Director to deny a payer's request for an extension of time, the Commission may impose all penalties in full or in part which, absent the stay, would have accrued during the pendency of the review. For substantial reasons shown, the Commission may suspend, reduce, or waive any penalty imposed under this chapter.