S. 2851 would amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers.

== Detailed Summary ==

<summary>
(Log inAmends the Internal Revenue Code to editmodify the wikistandards 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 be(2) a reasonable basis for a position which was disclosed with the firstreturn.

Requires tax return preparers to providehave a detailed summary of the bill!)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 be more likely than not be sustained on its merits.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 4/14/2008: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status of the bill!)Committee on Finance.
</status>

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== Points in Favor ==

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== Points Against ==

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