|Code Section||Effective Date||Name of Act||Name of Provision||10yr Revenue Estimate ($millions)|
|6698 and 6699||12/31/2009||The Worker, Homeownership, and Business Assistance Act of 2009297||Modification of Penalty for Failure to File Partnership or S Corporation Returns||1,229|
Modification of Penalty for Failure to File Partnership or S Corporation Returns
Explanation of Provision
Under the provision, the base amount on which a penalty is computed for a failure with respect to filing either a partnership or S corporation return is increased to $195 per partner or shareholder.
297- H.R. 3548. The bill passed the House on the suspension calendar on September 22, 2009. The Senate passed the bill with an amendment on November 4, 2009. The House agreed to the Senate amendment on the suspension calendar on November 5, 2009. The President signed the bill on November 6, 2009. For a technical explanation of the bill prepared by the staff of the Joint Committee on Taxation, see Technical Explanation of Certain Revenue Provisions of the ‘‘Worker, Homeownership, and Business Assistance Act of 2009’’ (JCX 44–09), November 3, 2009.
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