S.2917 - Small Business Penalty Fairness Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Baucus, Max [D-MT] (Introduced 12/18/2009)|
|Committees:||Senate - Finance|
|Latest Action:||House - 02/22/2010 Held at the desk. (All Actions)|
|Notes:||For further action, see H.R.5297, which became Public Law 111-240 on 9/27/2010.|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
Summary: S.2917 — 111th Congress (2009-2010)All Information (Except Text)
Passed Senate without amendment (02/09/2010)
(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.