Lawmakers to IRS: Suspend tax shelter penalty

A bipartisan group of lawmakers asked the IRS Monday to stop imposing what they say are excessive penalties on small businesses that use questionable tax shelters. Full Story
Sam

Pomona, CA

#1 Jun 16, 2009
They should also ask the IRS to stop imposing penalties for early withdrawal on 401K plans - many people who have lost their jobs are withdrawing these funds to live on!

“enhanced leisure destinations”

Since: Nov 09

Nogal, New Mexico, USA

#2 May 11, 2011
United States citizens pay tax on their worldwide income regardless of residency or source of income. Limited exclusions may apply and opportunities to use entities to temporarily defer realisation of income may exist. However there are only three places in the world where United States citizens can take full advantage of tax incentives to reduce their Federal income tax liability: the United States Virgin Islands (the Virgin Islands), Guam, and the Commonwealth of the Northern Mariana Islands (the Northern Marianas). These are sometimes referred to as the possessions.

http://www.parsonsbehlelaw.com/CM/Articles/Ta...

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