3.0.0 4351 2023-01-15T04:49:00Z 2023-01-15T04:49:00Z House H HR 2004-05-12 108 hswm00 Ways and Means Committee House Standing Referred to 2004-05-12T14:00:45Z 2004-05-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2004-05-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2004-05-12 Introduced in House IntroReferral 1000 9 Library of Congress E000287 Rep. Emanuel, Rahm [D-IL-5] Rahm Emanuel D IL 5 N M000312 Rep. McGovern, James P. [D-MA-3] JAMES MCGOVERN D MA P. 3 2004-09-09 False O000159 Rep. Owens, Major R. [D-NY-11] MAJOR OWENS D NY R. 11 2004-09-29 False Taxation Business records Civil Rights and Liberties, Minority Issues Commerce Confidential communications Congress Congressional reporting requirements Directories Finance and Financial Sector Fines (Penalties) Foreign Trade and International Finance Foreign banks and banking Government Operations and Politics Government paperwork Income tax Information disclosure (Securities law) Investment advisers Investors Law Limitation of actions Right of privacy Tax consultants Tax evasion Tax penalties Tax returns Tax shelters Taxation 00 2004-05-12 Introduced in House 2004-08-04T19:36:46Z Tax Shelter Promoter Liability Act of 2004 - Amends the Internal Revenue Code to increase the penalties for: (1) promoting abusive tax shelters; (2) aiding and abetting the understatement of tax liability; (3) failing to provide required information on potentially abusive tax shelters or for filing false or incomplete information; and (4) failing to maintain a client list of tax shelter investors.

Revises the penalty for failure to report interests in foreign financial accounts to impose a penalty for simple violations (current law imposes a penalty only for willful violations). Allows an exemption from the penalty for reasonable cause, except for willful violations.

Adds a new penalty for failure to include potentially abusive tax shelter information with a tax return or statement. Revises requirements for disclosure of potentially abusive tax shelters and requirements for material advisers with respect to potentially abusive tax shelters to keep client lists.

Disallows tax deductions for the penalties added or increased by this Act.

Extends the limitation period for assessing tax due to underpayments of tax attributable to undisclosed tax shelters.

]]> Tax Shelter Promoter Liability Act of 2004 Display Title Tax Shelter Promoter Liability Act of 2004 Official Title as Introduced To amend the Internal Revenue Code of 1986 to restrict the use of abusive tax shelters. Introduced in House IH Short Titles as Introduced Tax Shelter Promoter Liability Act of 2004 Introduced in House 2004-05-12T04:00:00Z 2004-05-12 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.