A bill to amend the Internal Revenue Code of 1954 with respect to the penalty for failure to pay tax due to negligence or intentional disregard of rules and regulations.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code, with respect to the penalty for failure to pay tax due to negligence or intentional disregard of rules and regulations (but without intent to defraud), to change the amount of the penalty from five percent of the total underpayment to five percent of that part of the underpayment due to such negligence or intentional disregard of the rules and regulations.…