US Congress House Bill 2143 (Prior Session Legislation)

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April 28 2009 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

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.

Rep Andrews, Robert E.	Rep Westmoreland, Lynn A.	Rep Tiahrt, Todd	Rep Smith, Adrian
Rep Quigley, Mike	Rep Moran, Jerry	Rep Kirkpatrick, Ann	Rep Jenkins, Lynn
Rep Donnelly, Joe	Rep Boozman, John	Rep Marchant, Kenny	Rep Platts, Todd Russell
Rep Moore, Dennis	Rep Baldwin, Tammy	Rep Campbell, John

Date	Chamber	Action
2009-04-28		Referred to the House Committee on Ways and Means.

SB765 (Same As) 2009-04-01 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HN02143:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-111hr2143ih/pdf/BILLS-111hr2143ih.pdf