No. of Recommendations: 6
Since you don't know what's in the House health care bill, I'll tell you.

http://online.wsj.com/article/SB1000142405297020355060457435...

Under current law, taxpayers who lose an argument with the IRS can generally avoid penalties by showing they tried in good faith to comply with the tax law. In a broad range of circumstances, the health-care bill would change the law to impose strict liability penalties for income-tax underpayments, meaning that taxpayers will no longer have the luxury of making an honest mistake. The ability of even the IRS to waive penalties in sympathetic cases would be sharply curtailed.

The proposed changes in penalty rules have largely escaped notice because they are buried in a part of the bill that purports to deal with abusive tax shelters.
________________________________

Make sure you've got a good accountant.

--fleg
Print the post Back To Top
No. of Recommendations: 0
Make sure you've got a good accountant.

No, make sure your accountant has good E&O insurance. The substance of the change is that you can no longer rely on bad advice to avoid the penalty. You owe the penalty. Your recourse would be against those who gave you bad advice.

I like it. Those who would like to make up their own minds can find the Joint Committee's explanation starting on pdf page 46 of this document: http://waysandmeans.house.gov/media/pdf/111/jctdhr3200.pdf

Phil
Rule Your Retirement Home Fool
Print the post Back To Top
No. of Recommendations: 1
meaning that taxpayers will no longer have the luxury of making an honest mistake. The ability of even the IRS to waive penalties in sympathetic cases would be sharply curtailed.

The proposed changes in penalty rules have largely escaped notice because they are buried in a part of the bill that purports to deal with abusive tax shelters.
-------------------------------------------------------------------
Make sure you've got a good accountant. --fleg



You can call the IRS with an income tax question and a lot of the times they won't even know the answer. Our income tax laws are way too complex.

Art
Print the post Back To Top
No. of Recommendations: 0
Make sure you've got a good accountant.

--fleg


No, just make sure you're up for some appointed position in the Obama administration.

JLC
Print the post Back To Top