Small Business Penalty Fairness Act of 2009

Bill: 111-s-2917
Sponsor: Sen. Baucus, Max [D-MT]
Introduced: 2009-12-18 in the Senate
Policy area: Taxation
Subjects: Congressional oversight
Tax administration and collection, taxpayers

Summary:
action_date: 2009-12-18
text: 
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.
 

action_date: 2010-02-09
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
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.
 


Legislative actions:
action_date: 2010-02-22
text: Held at the desk.
action_date: 2010-02-22
text: Received in the House.
action_date: 2010-02-11
text: Message on Senate action sent to the House.
action_date: 2010-02-09
text: Passed Senate without amendment by Unanimous Consent. (text: CR S542)
action_date: 2010-02-09
text: Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(text: CR S542)
action_date: 2010-02-09
text: Senate Committee on Finance discharged by Unanimous Consent. (consideration: CR S541-542)
action_date: 2010-02-09
text: Senate Committee on Finance discharged by Unanimous Consent.(consideration: CR S541-542)
action_date: 2009-12-18
text: Read twice and referred to the Committee on Finance.
action_date: 2009-12-18
text: Introduced in Senate