All Tax penalties Legislation - Federal Government
S.3659 - A bill to amend the Internal Revenue Code of 1986 to provide for the disclosure of schedule M-3 to the Securities and Exchange Commission, to provide for the public disclosure of certain information on such schedule, to provide penalties for failure to file such schedule or inaccurately reporting information on such schedule, and for other purposes.
Latest Action: 10/01/2008 - Read twice and referred to the Committee on Finance. Bill Text A bill to amend the Internal Revenue Code of 1986 to provide for the disclosure of schedule M-3 to the Securities and Exchange Commission, to provide for the public disclosure of certain information on such schedule, to provide penalties for failure to file such schedule or inaccurately reporting information on such schedule, and for other purposes. 10/1/2008--Introduced. Corporate Transparency Act of 2007 [sic] - Amends the Internal Revenue Code to require the Secretary of the Treasury to: (1) disclose to the Securities and Exchange Commission (SEC) certain tax return information of public entities whose securities are required to be registered under the Securities and Exchange Act of 1934 relating to the reconciliation of financial income statements with income tax returns (i.e., Schedule M-3); and (2) post on the Internet certain identifying and financial information for such entities. Imposes penalties on entities that fail to file required information. Requires [...] show full description Comment on Bill H.R.7083 - To amend the Internal Revenue Code of 1986 to enhance charitable giving and improve disclosure and tax administration.
Latest Action: 09/29/2008 - Received in the Senate. Bill Text To amend the Internal Revenue Code of 1986 to enhance charitable giving and improve disclosure and tax administration. 9/27/2008--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)Charity Enhancement Act of 2008 - Amends the Internal Revenue Code to modify rules and definitions relating to the excise tax on distributions from donor advised funds (charitable funds in which a donor has, or reasonably expects to have, advisory privileges with respect to the distribution or investment of amounts held in such funds by reason of his or her status as a donor). Excludes from the definition of "donor advised fund" charitable funds that receive contributions or are advised solely by one or more public charities or governmental entities. Exempts certain scholarship distributions from the [...] show full description S.3327 - A bill to amend title XIX of the Social Security Act to improve the State plan amendment option for providing home and community-based services under the Medicaid program, and for other purposes.
Latest Action: 07/24/2008 - Sponsor introductory remarks on measure. (CR S7291-7292) Bill Text A bill to amend title XIX of the Social Security Act to improve the State plan amendment option for providing home and community-based services under the Medicaid program, and for other purposes. 7/24/2008--Introduced. Empowered at Home Act of 2008 - Amends title XIX (Medicaid) of the Social Security Act (SSA) to revise the income eligibility level for home and community-based (HCBS) services for elderly and disabled individuals. Gives states the option to provide HCBS services under a waiver to eligible individuals whose income does not exceed 300% of the supplemental security income (SSI) benefit rate. Gives states the option to provide HCBS waiver services to individuals for whom such services are likely to prevent, delay, or decrease the likelihood of an individual's need for institutionalized care. Directs the Secretary of Health and Human Services to award assistance grants to states electing to provide HCBS waiver services under Medicaid through [...] show full description S.3322 - A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes.
Latest Action: 07/30/2008 - S.AMDT.5254 Referred to the Committee on Finance. To make a technical correction. Bill Text A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes. 7/23/2008--Introduced. Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback [...] show full description H.R.6382 - To make technical corrections related to the Pension Protection Act of 2006, and for other purposes.
Latest Action: 08/01/2008 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Bill Text To make technical corrections related to the Pension Protection Act of 2006, and for other purposes. 7/9/2008--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Pension Protection Technical Corrections Act of 2008 - Title I: Technical Corrections Related to the Pension Protection Act of 2006 - (Sec. 101) Makes technical corrections to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to conform to the Pension Protection Act of 2006 regarding various specified items, including: (1) the target normal cost of benefits; (2) specified implementation and effective dates for certain requirements; (3) one-participant retirement plans; (4) special age-related rules in accrued benefit requirements for applicable defined benefit plans; (5) inapplicability [...] show full description S.3162 - A bill to amend the Internal Revenue Code of 1986 to provide relief to improve the competitiveness of United States corporations and small businesses, to eliminate tax incentives to move jobs and profits overseas, and for other purposes.
Latest Action: 06/19/2008 - Sponsor introductory remarks on measure. (CR S5835-5836) Bill Text A bill to amend the Internal Revenue Code of 1986 to provide relief to improve the competitiveness of United States corporations and small businesses, to eliminate tax incentives to move jobs and profits overseas, and for other purposes. 6/19/2008--Introduced. Manufacturing, Assembling, Development, and Export in the USA Tax Act or the MADE in the USA Tax Act - Amends the Internal Revenue Code to: (1) phase in a reduction in the maximum corporate income tax rate from 35 to 28% between 2009 and 2013; (2) increase the deduction for income attributable to domestic production activities and limit such deduction to business entities other than C corporations; (3) make permanent the increased expensing allowance for depreciable business property; (4) repeal certain limitations on the exclusion for the housing expenses of U.S. citizens working abroad; (5) include all foreign-source royalties in passive category income in applying the foreign tax credit limitation; (6) apply the foreign [...] show full description S.3125 - A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.
Latest Action: 06/12/2008 - Sponsor introductory remarks on measure. (CR S5595-5597) Bill Text A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 6/12/2008--Introduced. Energy Independence and Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend various provisions relating to energy production and conservation and to individual and business-related activities.Extends through 2009 the tax credit for producing electricity from wind facilities and through 2011 for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit. Extends through 2014: (1) the energy tax credits for solar energy, fuel cell, and microturbine property; and (2) the residential energy efficient property tax credit. Allows a new investment tax credit for combined heat and power system property.Provides funding for new clean renewable energy [...] show full description H.R.6275 - To amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes.
Latest Action: 06/26/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill Text To amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 6/25/2008--Passed House amended. (There is 1 other summary) Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.[...] show full description 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.
Latest Action: 06/12/2008 - Read twice and referred to the Committee on Finance. Bill Text 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. 6/12/2008--Introduced.
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. 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.
Latest Action: 06/12/2008 - Referred to the House Committee on Ways and Means. Bill Text 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. 6/12/2008--Introduced.
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. H.R.6157 - To amend the Internal Revenue Code of 1986 to modify the exception from the 10 percent penalty for early withdrawals from governmental plans for qualified public safety employees.
Latest Action: 05/22/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to modify the exception from the 10 percent penalty for early withdrawals from governmental plans for qualified public safety employees. 5/22/2008--Introduced.
Amends the Internal Revenue Code to: ( 1) modify the exemption from the 10% penalty for premature distributions from governmental employee benefit plans to qualified public safety employees to eliminate the restriction that such plans be defined benefit plans; and (2) exempt from tax penalties certain periodic payments made to qualified public safety employees before the enactment of the Pension Protection Act of 2006 (i.e., August 17, 2006). H.R.6081 - To amend the Internal Revenue Code of 1986 to provide benefits for military personnel, and for other purposes.
Latest Action: 06/17/2008 - Became Public Law No: 110-245. Bill Text To amend the Internal Revenue Code of 1986 to provide benefits for military personnel, and for other purposes. 6/17/2008--Public Law. (There are 3 other summaries) (This measure has not been amended since it was passed by the House on May 20, 2008. The summary of that version is repeated here.)Heroes Earning Assistance and Relief Tax Act of 2008 -Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel.Title I: Benefits for Military - (Sec 101) Exempts married taxpayers who file a joint tax return from the identification requirement for the 2008 recovery tax rebate if at least one of the filers is a current member of the Armed Forces.(Sec. 102) Makes permanent the election to treat combat zone compensation as earned income for purposes of the earned income tax credit. (Sec. 103) Makes permanent the exemption from the first-time homebuyer rule for veterans using mortgage [...] show full description H.R.6049 - To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Latest Action: 09/29/2008 - Message on Senate action sent to the House. Bill Text To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. 9/23/2008--Passed Senate amended. (There are 3 other summaries) Energy Improvement and Extension Act of 2008 - Amends the Internal Revenue Code to extend and modify expiring provisions related to energy production and conservation and to provide for revenue enhancements.Title I: Energy Production Incentives - Subtitle A: Renewable Energy Incentives - (Sec. 101) Extends the tax credit for the production of electricity from renewable resources: (1) through 2009 for wind and refined coal facilities; and (2) through 2010 for closed and open-loop biomass, geothermal or solar energy, small irrigation power, landfill gas, trash combustion, and hydropower facilities. Modifies tax credit rules for refined coal, trash, and biomass [...] show full description H.R.5790 - To amend the Internal Revenue Code of 1986 to allow the deduction for State and local real property taxes whether or not the taxpayer itemizes other deductions, and for other purposes.
Latest Action: 04/15/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to allow the deduction for State and local real property taxes whether or not the taxpayer itemizes other deductions, and for other purposes. 4/15/2008--Introduced.
Universal Homeowner Tax Cut Act of 2008 - Amends the Internal Revenue Code to: (1) allow individual taxpayers who do not otherwise itemize a deduction from gross income for up to $1,000 of their state and local real property taxes; (2) require the inclusion in gross income of deferred compensation paid by certain foreign corporations; (3) set forth rules for the application of the economic substance doctrine for evaluating transactions affecting federal income tax liability; and (4) assess new penalties for underpayments of tax attributable to transactions lacking economic substance. H.R.5822 - To amend the Internal Revenue Code of 1986 to waive the 10 percent penalty on withdrawals from qualified retirement plans upon receipt of notice of foreclosure on a principal residence.
Latest Action: 04/16/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to waive the 10 percent penalty on withdrawals from qualified retirement plans upon receipt of notice of foreclosure on a principal residence. 4/16/2008--Introduced.
Amends the Internal Revenue Code to exempt a taxpayer from the 10% penalty on premature withdrawals from tax-exempt retirement plans if such taxpayer received a foreclosure notice relating to a mortgage on a principal residence and makes a withdrawal from a retirement account after July 31, 2007, and before January 1, 2011. H.R.5804 - To amend the Internal Revenue Code of 1986 to modify the rules relating to the treatment of individuals as independent contractors or employees, and for other purposes.
Latest Action: 04/15/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to modify the rules relating to the treatment of individuals as independent contractors or employees, and for other purposes. 4/15/2008--Introduced.
Taxpayer Responsibility, Accountability and Consistency Act of 2008 - Amends the Internal Revenue Code to: (1) require reporting to the Internal Revenue Service (IRS) of payments of $600 or more made to corporations; (2) set forth criteria and rules relating to the treatment of workers as employees or independent contractors; and (3) increase penalties for failure to file correct tax return information or comply with other information reporting requirements. Requires the Secretary of the Treasury to issue an annual report on worker misclassification. 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.
Latest Action: 04/14/2008 - Read twice and referred to the Committee on Finance. Bill Text 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. 4/14/2008--Introduced.
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. H.R.5776 - To amend the Internal Revenue Code of 1986 to exclude from gross income certain distributions from qualified retirement plans used for mortgage payments.
Latest Action: 04/10/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to exclude from gross income certain distributions from qualified retirement plans used for mortgage payments. 4/10/2008--Introduced.
Homeowner Empowerment Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income distributions from individual retirement plans and other qualified retirement plans for payments on the mortgage of a taxpayer's principal residence; (2) require repayments of amounts distributed from such retirement plans over a 12-year period; and (3) waive the 10% penalty on premature distributions from retirement plans for distributions used to pay a mortgage. H.R.5720 - To amend the Internal Revenue Code of 1986 to provide assistance for housing.
Latest Action: 04/24/2008 - Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-606. Bill Text To amend the Internal Revenue Code of 1986 to provide assistance for housing. 4/24/2008--Reported to House amended. (There is 1 other summary) Housing Assistance Tax Act of 2008 - Title I: Housing Tax Incentives - Subtitle A: Multi-Family Housing - Part 1: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects.(Sec. 101) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state.(Sec. 102) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for non-federally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating [...] show full description H.R.5719 - To amend the Internal Revenue Code of 1986 to conform return preparer penalty standards, delay implementation of withholding taxes on government contractors, enhance taxpayer protections, assist low-income taxpayers, and for other purposes.
Latest Action: 04/16/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill Text To amend the Internal Revenue Code of 1986 to conform return preparer penalty standards, delay implementation of withholding taxes on government contractors, enhance taxpayer protections, assist low-income taxpayers, and for other purposes. 4/15/2008--Passed House amended. (There are 2 other summaries) Taxpayer Assistance and Simplification Act of 2008 - (Sec. 2) 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 that 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 [...] show full description H.R.5641 - To amend the Internal Revenue Code of 1986 to permit hardship loans from certain individual retirement plans.
Latest Action: 03/14/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to permit hardship loans from certain individual retirement plans. 3/14/2008--Introduced.
IRA Assistance Act of 2008 - Amends the Internal Revenue Code to allow premature distributions from individual retirement accounts (other than Roth IRAs) without penalty to make hardship loans. H.R.5556 - To amend the Internal Revenue Code of 1986 to allow certain individuals who have attained age 50 and who are unemployed to receive distributions from qualified retirement plans without incurring a 10 percent additional tax.
Latest Action: 03/06/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to allow certain individuals who have attained age 50 and who are unemployed to receive distributions from qualified retirement plans without incurring a 10 percent additional tax. 3/6/2008--Introduced.
Amends the Internal Revenue Code to make the 10% additional tax on early distributions from qualified retirement plans inapplicable to individuals who have attained the age of 50 and who have been receiving unemployment compensation for 12 consecutive weeks. H.R.5559 - To amend the Internal Revenue Code of 1986 to allow individuals a deduction for qualified long-term care insurance premiums, use of such insurance under cafeteria plans and flexible spending arrangements, and a credit for individuals with long-term care needs.
Latest Action: 03/06/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to allow individuals a deduction for qualified long-term care insurance premiums, use of such insurance under cafeteria plans and flexible spending arrangements, and a credit for individuals with long-term care needs. 3/6/2008--Introduced.
Long-Term Care and Retirement Security Act of 2008 - Amends the Internal Revenue Code to: (1) allow a tax deduction from gross income for long-term care insurance premiums; (2) include long-term care insurance in employee benefit cafeteria plans and flexible spending arrangements; (3) allow a tax credit for certain long-term care costs; and (4) set forth certain consumer protections for long-term care insurance contracts. |
