US Lawmakers Ask IRS To Suspend Small-Business Penalties

June 15th, 2009

Dow Jones

The chairmen of U.S. House and Senate tax committees have asked the IRS to cease efforts to collect penalties from small businesses who bought certain employee-benefit plans branded tax shelters by the IRS.

The lawmakers told IRS Commissioner Doug Shulman in a letter, released Monday, that they intend to pass legislation reducing the penalties for such tax shelter transactions. In the meantime, they want IRS to suspend collection efforts in cases where the penalty exceeds the actual tax benefit realized by the firms.

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