3.0.0 1565 2023-01-13T04:50:21Z 2023-01-13T04:50:21Z Senate S S 2005-07-29 109 ssfi00 Finance Committee Senate Standing Referred to 2005-07-29T18:28:35Z 2005-07-29 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9486-9491) IntroReferral 2005-07-29 Sponsor introductory remarks on measure. (CR S9481-9486) IntroReferral B00100 9 Library of Congress 2005-07-29 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2005-07-29 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2005-07-29 True Taxation Accounting Administrative procedure Administrative remedies Auditing Bank examination Brokers Congress Congressional reporting requirements Corporation taxes Department of the Treasury Executive reorganization Finance and Financial Sector Financial statements Fines (Penalties) Foreign tax credit Government Operations and Politics Government paperwork Governmental investigations Income tax Interest Internal Revenue Service (IRS) Internal revenue law International Affairs International cooperation Investment advisers Law Lawyers Legal ethics Legal fees Securities regulation Standards Tax administration Tax deductions Tax evasion Tax havens Tax penalties Tax preparers Tax returns Tax shelters Tax-exempt organizations Taxation of foreign income Whistle blowing Taxation 00 2005-07-29 Introduced in Senate 2005-09-12T20:24:55Z Tax Shelter and Tax Haven Reform Act of 2005 - Amends the Internal Revenue Code to increase penalties for: (1) promoting abusive tax shelters; and (2) aiding and abetting the understatement of tax liability. Imposes a penalty for making fee arrangements for tax services based upon projected or actual tax savings.

Requires federal banking agencies and the Securities and Exchange Commission (SEC) to develop examination techniques to detect abusive tax shelter activities by certain financial institutions.

Directs the Secretary of the Treasury to disclose tax return information requested by the SEC, federal banking agencies, or the Public Company Accounting Oversight Board to aid in the investigation of tax shelter activity.

Directs the Secretary to require tax practitioners to meet certain standards for the issuance of tax opinions.

Provides for awards to individuals (whistleblowers) who provide information about tax law violations to the Secretary. Establishes a Whistleblower Office in the Internal Revenue Service.

Denies a tax deduction for fines or penalties for violations of law, except for amounts constituting restitution.

Expresses the sense of the Senate with respect to IRS enforcement efforts against abusive tax shelter activities.

Sets forth rules for the application of the economic substance doctrine. Imposes additional penalties for understatements of tax resulting from transactions lacking economic substance.

Requires disclosure of payments of $10,000 or more to accounts or persons located in an uncooperative tax haven. Imposes enhanced penalties for underpayments of tax related to certain offshore financial arrangements.

]]> Tax Shelter and Tax Haven Reform Act of 2005 Display Title Tax Shelter and Tax Haven Reform Act of 2005 Official Title as Introduced A bill to restrict the use of abusive tax shelters and offshore tax havens to inappropriately avoid Federal taxation, and for other purposes. Introduced in Senate IS Short Titles as Introduced Tax Shelter and Tax Haven Reform Act of 2005 Introduced in Senate 2005-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1565is/xml/BILLS-109s1565is.xml 2005-07-29 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9486-9491) 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.