A bill to amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers.

Summary

Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position which was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 April 2008

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 April 2008

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 April 2008 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 April 2008

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 April 2008

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 14 April 2008

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Bunning, Jim [R-KY] · R · Sponsor
• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Kerry, John F. [D-MA] · D · Cosponsor
• Sen. Cantwell, Maria [D-WA] · D · Cosponsor
• Sen. Vitter, David [R-LA] · R · Cosponsor
• Sen. Allard, Wayne [R-CO] · R · Cosponsor
• Sen. Isakson, Johnny [R-GA] · R · Cosponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• Sen. Bingaman, Jeff [D-NM] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Taxpayer Assistance and Simplification Act of 2008
• related to → To amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers.