Bipartisan House Vote Sends Taxpayer Assistance Bill to Senate

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The House passes, 399-9, a taxpayer assistance bill (H.R. 4994) that would remove cell phones from listed property under tax code Section 280F, thereby eliminating the paperwork required for businesses to claim a deduction. The bill would be paid for by increasing the penalties for failure to file information returns, applying the bad check penalty to all commercially acceptable instruments of payment that are not duly paid, and implementing an assessable penalty for failure to comply with electronic filing requirements for all payments made after Dec. 31, 2010. The bill also would repeal the partial payment requirement on submissions of offers-in-compromise.  

Request Daily Tax Report