Small Business Penalty Relief Act of 2009

Summary

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.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 November 2009

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 November 2009

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• Introduced in Senate

  summary · EN · 16 November 2009

  Open at official source

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