Bill revives bid to penalize tax-shelter promoters
A new Senate bill revives past efforts to impose tougher penalties on people who promote offshore tax havens and abusive tax shelters.
A new Senate bill revives past efforts to impose tougher penalties on people who promote offshore tax havens and abusive tax shelters. Introduced by Sen. Carl Levin, D-Mich., S 681 would slap 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 bill also creates ways for the government to better combat the use of offshore tax havens, including requiring financial institutions to report offshore account activity to the IRS in certain situations. For details, http://thomas.loc.gov
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