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S. 3121, A bill to amend the Internal Revenue Code of 1986 to allow the Secretary of the Treasury to waive the penalties for failure to disclose reportable transactions, and for other purposes
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on June 24, 2008, 20:01:01, by webmaster:
S. 3121 would amend the Internal Revenue Code of 1986 to allow the Secretary of the Treasury to waive the penalties for failure to disclose reportable transactions.
Detailed Summary
Amends the Internal Revenue Code to modify provisions relating to the waiver of penalties for failure to disclose reportable transactions (i.e., transactions which have a potential for tax avoidance or evasion) to grant authority to the Secretary of the Treasury (instead of the Commissioner of Internal Revenue) to rescind or waive all or a portion of such penalties and to allow a waiver if there was reasonable cause for the failure to disclose such transactions and the taxpayer acted in good faith.
Status of the Legislation
Latest Major Action: 6/12/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
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Points Against
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Visitor Comments
Moti
September 29, 2008, 10:10pm (report abuse)This bill is necessary to allow taxpayers relief from the penalty imposed, which currently imposes huge penalties for failure to file tax forms for retirement plans. Currently, there is a $100,000 penalty that may be imposed for each year that a 2 page form was not filed timely for individuals who have some retirement plans. Individuals who own small corporations may suffer up to $300,000 in fines each year, and the fines are multiplied for each amendment to the returns, and there is no recourse or means of appealing these penalties or fines for these individuals. This bill would allow individual taxpayers to seek relief from these harsh penalties that take away from retirement plans.
This bill corrects the unfairness of outsized penalties on victims, who have no recourse at all in the entire tax system.
The bill needs to pass to provide relief to the victims of professional negligence and fraud commited by professional administrators of retirement plans.