H.R. 4994 Passes House – Favorable Cell Phone Relief Comes at a Price – Increased Reporting Penalties on Information Returns

This week (April 14, 2010), the House passed, by a large margin, H.R. 4994 – the Taxpayer Assistance Act of 2010.  It includes two important benefits/payroll provisions that are worth watching, cell phone relief and increased reporting penalties.  Please see the attached memo for further details and stay tuned.