Bull’s-eye on tax shelter promoters

A House bill recently was introduced as a companion to a Senate measure that aims to slap tougher penalties on people who promote offshore tax havens and abusive tax shelters. HR 2136, introduced by Rep. Lloyd Doggett, D-Texas, would impose up to a 150% penalty on profits made by investment or tax advisers and the like who aid clients in illegally sheltering assets. Currently, promoters face a 50% penalty. The House bill was referred last month to a subcommittee. For information on either measure, visit http://thomas.loc.gov