History
The Taxpayer Bill of Rights 2 (effective July 30, 1996) added section 4958 to the Internal Revenue Code. On August 4, 1998, the IRS proposed regulations to implement IRC 4958. On March 16 and 17, 1999, the IRS held public hearings on these proposed regulations. It was not until January 10, 2001 that the IRS issued Temporary Regulations, which were to be effective for up to 3 years. Then, on January 23, 2002 the Final Regulations were issued, superseding the Temporary Regulations.
On September 9, 2005, the IRS announced proposed rulemaking to clarify the relationship between penalties imposed under section 4958 and revocation of exempt status.
Read more about this topic: Intermediate Sanctions
Famous quotes containing the word history:
“If man is reduced to being nothing but a character in history, he has no other choice but to subside into the sound and fury of a completely irrational history or to endow history with the form of human reason.”
—Albert Camus (19131960)
“The only history is a mere question of ones struggle inside oneself. But that is the joy of it. One need neither discover Americas nor conquer nations, and yet one has as great a work as Columbus or Alexander, to do.”
—D.H. (David Herbert)
“When the history of this period is written, [William Jennings] Bryan will stand out as one of the most remarkable men of his generation and one of the biggest political men of our country.”
—William Howard Taft (18571930)