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United States · Bill · S

S. 2917 (111th)

Small Business Penalty Fairness Act of 2009

openUnited States· United States Congress· EN

Introduced

18 December 2009

Last action

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Status

Held at the desk.

Sponsors

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Subjects

Discovery layer

Source updated

14 January 2025

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Summary

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.

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Documents

6 official files

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Sources

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