http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_SN_3121.html#44254 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.... 44254@http://www.washingtonwatch.com Mon, 29 Sep 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3121.html?rev=26336 <p>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.</p> <h2 id="toc0"> Detailed Summary </h2> <p>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.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 6/12/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 26336@http://www.washingtonwatch.com Tue, 24 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3121.html?rev=25673 <p>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.</p> <h2 id="toc4"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 25673@http://www.washingtonwatch.com Fri, 13 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3121.html?rev=25674 <p>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.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 6/12/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 25674@http://www.washingtonwatch.com Fri, 13 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3121.html 6/12/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance. 36638@http://www.washingtonwatch.com Thu, 12 Jun 2008 00:00:00 EDT