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What's this in the bailout bill?

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posted on Oct, 3 2008 @ 03:54 PM
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TITLE IV—EXTENSION OF TAX
2 ADMINISTRATION PROVISIONS
3 SEC. 401. PERMANENT AUTHORITY FOR UNDERCOVER OP4
ERATIONS.
5 (a) IN GENERAL.—Section 7608(c) (relating to rules
6 relating to undercover operations) is amended by striking
7 paragraph (6).
8 (b) EFFECTIVE DATE.—The amendment made by this
9 section shall apply to operations conducted after the date
10 of the enactment of this Act.
11 SEC. 402. PERMANENT AUTHORITY FOR DISCLOSURE OF IN12
FORMATION RELATING TO TERRORIST AC13
TIVITIES.
14 (a) DISCLOSURE OF RETURN INFORMATION TO AP15
PRISE APPROPRIATE OFFICIALS OF TERRORIST ACTIVI16
TIES.—Subparagraph (C) of section 6103(i)(3) is amended
17 by striking clause (iv).
18 (b) DISCLOSURE UPON REQUEST OF INFORMATION
19 RELATING TO TERRORIST ACTIVITIES.—Paragraph (7) of
20 section 6103(i) is amended by striking subparagraph (E).
21 (c) EFFECTIVE DATE.—The amendments made by this
22 section shall apply to disclosures after the date of the enact23
ment of this Act.


Someone decipher this for me please!




posted on Oct, 3 2008 @ 03:57 PM
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Even better...
The penalties for a tax preparer who "knowgly" files a false tax return for a client have been upped.



MODIFICATION OF PENALTY ON UNDERSTATE11
MENT OF TAXPAYER’S LIABILITY BY TAX RE12
TURN PREPARER.
13 (a) IN GENERAL.—Subsection (a) of section 6694 is
14 amended to read as follows:
15 ‘‘(a) UNDERSTATEMENT DUE TO UNREASONABLE PO16
SITIONS.—
17 ‘‘(1) IN GENERAL.—If a tax return preparer—
18 ‘‘(A) prepares any return or claim of refund
19 with respect to which any part of an understate20
ment of liability is due to a position described
21 in paragraph (2), and
22 ‘‘(B) knew (or reasonably should have
23 known) of the position,
302
•HR 1424 EAS
1 such tax return preparer shall pay a penalty with re2
spect to each such return or claim in an amount
3 equal to the greater of $1,000 or 50 percent of the in4
come derived (or to be derived) by the tax return pre5
parer with respect to the return or claim.
6 ‘‘(2) UNREASONABLE POSITION.—
7 ‘‘(A) IN GENERAL.—Except as otherwise
8 provided in this paragraph, a position is de9
scribed in this paragraph unless there is or was
10 substantial authority for the position.
11 ‘‘(B) DISCLOSED POSITIONS.—If the posi12
tion was disclosed as provided in section
13 6662(d)(2)(B)(ii)(I) and is not a position to
14 which subparagraph (C) applies, the position is
15 described in this paragraph unless there is a rea16
sonable basis for the position.
17 ‘‘(C) TAX SHELTERS AND REPORTABLE
18 TRANSACTIONS.—If the position is with respect
19 to a tax shelter (as defined in section
20 6662(d)(2)(C)(ii)) or a reportable transaction to
21 which section 6662A applies, the position is de22
scribed in this paragraph unless it is reasonable
23 to believe that the position would more likely
24 than not be sustained on its merits.
303
•HR 1424 EAS
1 ‘‘(3) REASONABLE CAUSE EXCEPTION.—No pen2
alty shall be imposed under this subsection if it is
3 shown that there is reasonable cause for the under4
statement and the tax return preparer acted in good
5 faith.’’.
6 (b) EFFECTIVE DATE.—The amendment made by this
7 section shall apply—
8 (1) in the case of a position other than a posi9
tion described in subparagraph (C) of section
10 6694(a)(2) of the Internal Revenue Code of 1986 (as
11 amended by this section), to returns prepared after
12 May 25, 2007, and
13 (2) in the case of a position described in such
14 subparagraph (C), to returns prepared for taxable
15 years ending after the date of the enactment of this
16 Act.



 
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