3.0.0 765 2023-01-11T13:19:25Z 2023-01-11T13:19:25Z Senate S S 2009-04-01 111 ssfi00 Finance Committee Senate Standing Referred to 2009-04-01T17:58:05Z To amend the Internal Revenue Code of 1986 to allow the Secretary of the Treasury to not impose a penalty for failure to disclose reportable transactions when there is reasonable cause for such failure, to modify such penalty, and for other purposes. 111 2143 HR 2009-04-28 Referred to the House Committee on Ways and Means. Identical bill CRS 2009-04-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2009-04-01 Introduced in Senate IntroReferral 10000 9 Library of Congress N000180 Sen. Nelson, Ben [D-NE] E. Nelson D NE Benjamin N R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2009-04-01 True B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN 2009-04-01 True C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2009-04-01 True J000291 Sen. Johanns, Mike [R-NE] Mike Johanns R NE 2009-04-01 True L000504 Sen. Lugar, Richard G. [R-IN] RICHARD LUGAR R IN GREEN 2009-04-01 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2009-04-29 False B000382 Sen. Bennett, Robert F. [R-UT] ROBERT BENNETT R UT F. 2009-05-21 False B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2009-06-24 False L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2009-07-30 False L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2009-12-15 False Taxation Tax administration and collection, taxpayers Taxation 00 2009-04-01 Introduced in Senate 2009-04-29T19:50:44Z Amends the Internal Revenue Code to: (1) allow a waiver of the penalty for failure to disclose reportable transactions (i.e., transactions which have a potential for tax avoidance or evasion) if such failure is due to reasonable cause and not due to willful neglect; (2) revise the amount of the penalty for such failure; and (3) limit the imposition of such penalty to the taxpayer (currently, any person).

Reaffirms the authority of the Commissioner of Internal Revenue to rescind all or any portion of the penalty for failure to furnish information regarding reportable transactions.

]]> A bill to amend the Internal Revenue Code of 1986 to allow the Secretary of the Treasury to not impose a penalty for failure to disclose reportable transactions when there is reasonable cause for such failure, to modify such penalty, and for other purposes. Display Title A bill to amend the Internal Revenue Code of 1986 to allow the Secretary of the Treasury to not impose a penalty for failure to disclose reportable transactions when there is reasonable cause for such failure, to modify such penalty, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to allow the Secretary of the Treasury to not impose a penalty for failure to disclose reportable transactions when there is reasonable cause for such failure, to modify such penalty, and for other purposes. Introduced in Senate IS Introduced in Senate 2009-04-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s765is/xml/BILLS-111s765is.xml 2009-04-01 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.