H.R.4068 - Small Business Penalty Relief Act of 2009
To amend the Internal Revenue Code of 1986 to limit the penalty for failure to disclose reportable transactions based on resulting tax benefits, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to limit the penalty for failure to disclose reportable transactions based on resulting tax benefits, and for other purposes. as introduced.
- Short: Small Business Penalty Relief Act of 2009 as introduced.
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Latest Action Nov 16, 2009Referred to the House Committee on W... Related Bills (2) & Issues (3) Users Tracking H.R.4068 (2)
Official Summary
11/16/2009--Introduced.Small Business Penalty Relief Act of 2009 - Amends the Internal Revenue Code to limit the penalty for failure to disclose a reportable transaction (a transaction determined by the Internal Revenue Service (IRS) as having a potential for tax avoidance or evasion) to 75% of the decrease in tax resulting from such transaction. Sets forth a maximum penalty for failure to report a reportable transaction and a minimum and maximum penalty for failure to report a listed transaction (a transaction specifically identified by the IRS as a tax avoidance transaction). Requires the Commissioner of Internal Revenue to report by June 1, 2010, and then annually, to Congress on penalties relating to tax shelters and reportable transactions....Read the Rest
Recent News Coverage
TAX NEWS: Lawmakers Introduce Small Business Penalty Relief Act
... assessed by the IRS during the preceding year. Click on http://waysandmeans.house.gov/media/pdf/111/LEWIGA044xml6707A.pdf to read the text of HR 4068.
Recent Blog Coverage
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US Senate Approves Bill To Curb Unfair Small Business Penalties
The companion bill in the House of Representatives (H.R. 4068) was introduced on November 16 and awaits votes by the Ways and Means Committee and then the full House. . Click Here ยท THE LOWTAX LIBRARY. One of the web's largest and most ...
CliftonDouglas LLP
Similar legislation (H.R. 4068) has also been introduced in the House by Ways and Means Committee member John Lewis (D-Ga.), but no action has been taken yet in that chamber. Text of the S. 2917 is available at ...
Senate Passes Bill to Limit Reportable Transaction Penalties
Under the bill, the new penalty amounts would apply retroactively to penalties assessed after Dec. 31, 2006. A similar bill in the House of Representatives (H.R. 4068) was referred to the Ways and Means Committee in November. ...
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U.S. Congress - H.R.4068 Small Business Penalty Relief Act of 2009



