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- This item is from the 110th Congress (2007-2008) and is no longer current.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