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H.R. 6266, 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 (2 comments ↓)

  • This item is from the 110th Congress (2007-2008) and is no longer current.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.

H.R. 6266 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.

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David

August 29, 2008, 2:05am (report abuse)

This bill is necessary to allow taxpayers some relief from the IRS, which currently may impose huge penalties for oversights in filing tax returns that are made by third party administrators 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 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.

Moti

September 29, 2008, 9:50pm (report abuse)

We second David's comments above. The outsized penalty is also misplaced, since a small business is not expected to have the knowledge of the tax forms requirements. The fact that innocent victims have no recourse at all in the entire tax system is unfair.

The bill needs to pass to provide relief to the victims of professional negligence and fraud commited by insurance sales persons in the guise of retirement planning.

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