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Small-Business Owners Fret Over Large IRS Fines
The Wall Street Journal; subscription may be required Link to more items from this source
Sept. 21, 2009
Excerpt: The source of the distress: tax-law changes made by Congress in 2004. At the time, lawmakers were worried that tax shelters, especially from large corporations, were costing the Treasury billions in revenue. To combat it, they imposed enormous fines on taxpayers who failed to tell the IRS of participation in any transaction the agency might consider a tax shelter. 'The fines are not for the shelter itself,' says Mr. Brucker, 'but merely for failing to file the form disclosing the transaction.' The penalty is $100,000 per offense, per year for individuals and $200,000 for businesses. In order to put teeth into the law, the provisions gave the IRS no leeway in imposing the fines and taxpayers no way to get them reviewed in Tax Court.

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