3.0.0 2851 2019-11-15T21:57:49Z 2019-11-15T21:57:49Z Senate S S 2008-04-14 110 ssfi00 Finance Committee Senate Standing Referred to 2008-04-14T18:44:56Z Taxpayer Assistance and Simplification Act of 2008 110 5719 HR 2008-04-16 Received in the Senate and Read twice and referred to the Committee on Finance. Related bill CRS To amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers. 110 4318 HR 2007-12-06 Referred to the House Committee on Ways and Means. Identical bill CRS 2008-04-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-04-14 Introduced in Senate IntroReferral 10000 9 Library of Congress B001066 Sen. Bunning, Jim [R-KY] JIM BUNNING R KY N C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2008-04-14 True H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2008-04-14 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2008-07-07 False C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2008-07-10 False V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2008-07-28 False A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE 2008-07-31 False I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2008-07-31 False S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2008-07-31 False B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2008-09-22 False Taxation Evidence (Law) Government Operations and Politics Government paperwork Income tax Law Tax evasion Tax penalties Tax preparers Tax returns Tax shelters Taxation 00 2008-04-14 Introduced in Senate 2008-04-25T14:44:57Z 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.

]]> 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. Display Title 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. Official Title as Introduced 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. Introduced in Senate 2008-04-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2851is/xml/BILLS-110s2851is.xml 2008-04-14 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.