IRS penalties update.

• Author: Josephs, Stuart R.
• Position: IRS HEWS - Brief article

The July California CPA, page 10, discussed severe penalties that could be imposed under IRC Sec. 6707A. After the magazine went to print, a July 6 letter from the Internal Revenue Commissioner to key Congressional tax writers stated that the IRS is suspending collection enforcement action through Sept. 30, 2009, on Sec. 6707A penalties regarding listed transactions where the annual tax benefit from the transaction is less than $100,000 for...