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H.R. 4318 · 110th Congress

To amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's…

Full title

To amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers.

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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

JCD CrowleySponsor
49 cosponsors · 16 D, 33 R

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.

What it does: CRS summary · Introduced in House · Dec 6, 2007

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 tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: To amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers.

Latest action (Dec 6, 2007): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Dec 6, 2007

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.