Posts Tagged ‘max baucus’

Lawmakers Want IRS to Suspend Excessive Tax Shelter Penalty Imposed on Small Businesses

Tuesday, June 16th, 2009

Some lawmakers have asked the IRS to stop imposing what they say are excessive penalties on small businesses that use questionable tax shelters.
These businesses are being hit with big fines – an unintended consequence of a law aimed at corporations that use the shelters to avoid taxes. The IRS penalties, which can reach $300,000 a year, are automatic under the law.
The 2004 law setting up the automatic penalties was designed
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