The US Internal Revenue Service has announced it will suspend imposing
penalties on SMEs who invested in tax shelter transactions.
The move is designed to allow Congress time to work on legislation which
would help businesses who face penalties out of proportion to any tax benefit
received from tax shelters, according to
A lobby group wrote to the IRS Commissioner Doug Shulman requesting
assistance while Congress moves to legislate on the matter.
“I’m pleased the IRS complied with our request so that Congress can do its
part to ensure the tax code treats small businesses fairly,” said Max Baucus,
chairman of the senate finance committee.
In response to the letter, Shulman said: ‘I am concerned that because the
current statute applies uniformly without exceptions and without regard to the
amount of tax in question, some taxpayers are caught in a penalty regime that
the legislation did not intend.’
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals
One of the bigger announcements of the final Spring Budget is the raising of Class 4 NICs for the self-employed