U.S. Congress - S.2917 Small Business Penalty Fairness Act of 2009
S.2917 - Small Business Penalty Fairness Act of 2009
A bill to amend the Internal Revenue Code of 1986 to modify the penalty for failure to disclose certain reportable transactions and the penalty for submitting a bad check to the Internal Revenue Service, to modify certain rules relating to Federal vendors, and for other purposes. view all titles (3)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code of 1986 to modify the penalty for failure to disclose certain reportable transactions and the penalty for submitting a bad check to the Internal Revenue Service, to modify certain rules relating to Federal vendors, and for other purposes. as introduced.
- Short: Small Business Penalty Fairness Act of 2009 as introduced.
- Short: Small Business Penalty Fairness Act of 2009 as passed senate.
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Official Summary
2/9/2010--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Small Business Penalty Fairness Act of 2009 - Amends the Internal Revenue Code to limit the penalty for failure to disclose a reportable traOfficial Summary
2/9/2010--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Small Business Penalty Fairness 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 shown on the return as a result of 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 abusive tax shelters and reportable transactions. Extends the penalty for tendering a bad check to the Internal Revenue Service to any commercially acceptable payment instrument (including electronic payments). Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property, goods, or services....Read the Rest
Recent News Coverage
RE: S.2917
The Small Business Penalty Fairness Act, S. 2917, introduced Dec. 18, 2009, by the leaders of the Senate Finance Committee and three other senators, ...
RE: S.2917
The Senate passed a bill (S. 2917) Tuesday that would modify the amount of the penalty for failure to report tax shelter transactions under IRC § 6707A. ...
Recent Blog Coverage
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Profile Facts: Network neutrality in the United States
Internet Freedom Preservation Act (casually known as the Snowe-Dorgan bill) S. 215 (110th Congress) formerly S. 2917 (109th Congress) January 9, 2007 Senators Olympia Snowe (R-Maine) & Byron Dorgan (D-North Dakota), Co-Sponsors: Barack ...
First Ammendment Argument Against Net Neutrality (Part 4 in a ...
... of any person to use a broadband service to access, use, send, post, receive, or offer any lawful content, application, or service made available via the Internet” (Internet Freedom Preservation Act, S.2917 12(a)(1)(2006), 2006). ...
First Ammendment Argument Against Net Neutrality (Part 4 in a ...
... of any person to use a broadband service to access, use, send, post, receive, or offer any lawful content, application, or service made available via the Internet” (Internet Freedom Preservation Act, S.2917 12(a)(1)(2006), 2006). ...
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