Michael Lloyd Quoted Regarding Business Impact of Trade Preferences Extension Act in Law360

"Republicans Lean On Reviled IRS For Much-Needed Revenue"
Law360
07.27.15Michael Lloyd was quoted regarding increased penalties for businesses following the passage of the Trade Preferences Extension Act of 2015. Though the increased penalties are not labeled taxes, there is often little that businesses can do to avoid them, Lloyd said. Given that some large taxpayers file millions of information returns every year, Lloyd said error rates would have to be impossibly low to avoid hitting the $3 million penalty cap. The Congressional Budget Office estimated that the increased penalties would bring in $130 million over 10 years. The real haul is likely to be much higher, he said, since lawmakers don't seem to understand the effect the compliance measures have on taxpayers.
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