2022 Standard Federal Tax Reporter (CCH) Committee Reports on P.L. 105-34 (Taxpayer Relief Act of 1997), Congress (United States)

Summary

• Committee Report: Standard Federal Tax Reporter (2022), Committee Reports on P.L. 105-34 (Taxpayer Relief Act of 1997)

  .69 Provide reasonable cause exception for additional penalties. -The bill provides that the following penalties may be waived if the failure is shown to be due to reasonable cause and not willful neglect:

  (4) the penalty for failure to make required payments for entities electing not to have the required taxable year (sec. 7519).

   Effective date. -The provision is effective for taxable years beginning after the date of enactment.- House Committee Report. 

   Senate Amendment. -The Senate amendment is the same as the House bill.

   Conference Agreement. -The conference agreement follows the House bill and the Senate amendment. - Conference Committee Report.