A bill to amend the Internal Revenue Code of 1954 to allow the Internal Revenue Service to waive certain penalties.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit the Secretary of the Treasury to waive all or any part of a tax penalty imposed upon a taxpayer who underpays an estimated tax or makes an excess contribution to a tax qualified pension plan or individual retirement account, if such taxpayer shows to the satisfaction of the Secretary that such underpayment or excess contribution was due to reasonable cause.…