Bulls eye on tax-shelter promoters
A House bill was introduced last month as a companion to a Senate measure that aims to slap tougher penalties on people who promote offshore tax havens and abusive tax shelters.
A House bill was introduced last month 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. Like its Senate companion, S 681, the new House bill is awaiting committee action. For information, http://thomas.loc.gov
Learn more about reprints and licensing for this article.