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IRS Suspends Some Tax Shelter Penalties

July 7, 2009

The IRS has temporarily suspended some of its penalties for listed tax transactions, at least until Sept. 30.

The move came in response to pressure from leaders of the Senate Finance Committee and the House Ways and Means Oversight Subcommittee, who wrote a letter to IRS Commissioner Doug Shulman last  month. Meanwhile, Congress will be working on a bill to address the problem of tax penalties on small businesses that took advantage of some of the tax strategies for which the IRS has been penalizing them.

Stay tuned.

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