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- S.2851
S.2851: A bill to amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers.
About This Bill
- This bill was introduced in the 110th Congress
- This bill is primarily about taxation
- Introduced April 14, 2008
- Latest Major Action April 14, 2008
Bill Sponsor
Bill Cosponsors
9 (5 Democrats, 5 Republicans)
Bill Summary
Amends the Internal Revenue Code to modify the standards 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 (2) a reasonable basis for a position which was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a...
(Source: Library of Congress)
Bill Actions
Date | Description |
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Read twice and referred to the Committee on Finance.
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April 14, 2008 |
Introduced in the Senate by Jim Bunning (R-Ky.) |