H.R.4068 - Small Business Penalty Relief Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Lewis, John [D-GA-5] (Introduced 11/16/2009)|
|Committees:||House - Ways and Means|
|Latest Action:||11/16/2009 Referred to the House Committee on Ways and Means. (All Actions)|
|Notes:||For further action, see H.R.5297, which became Public Law 111-240 on 9/27/2010.|
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Summary: H.R.4068 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (11/16/2009)
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.