The Stop Tax Haven Abuse Act

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 29, 2009 -- The International Association of Risk and Compliance Professionals (www.risk-compliance-association.com) has launched a new website about The Stop Tax Haven Abuse Act.

The Stop Tax Haven Abuse Act.

www.stop-tax-haven-abuse-act.com


Summary of the Stop Tax Haven Abuse Act.


A BILL
To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled

SECTION 1. SHORT TITLE;

(a) Short Title- This Act may be cited as the ‘Stop Tax Haven Abuse Act’.
TITLE I--DETERRING THE USE OF TAX HAVENS FOR TAX EVASION

Sec. 101. Establishing presumptions for entities and transactions involving offshore secrecy jurisdictions.

Sec. 102. Authorizing special measures against foreign jurisdictions, financial institutions, and others that impede United States tax enforcement.

Sec. 103. Treatment of foreign corporations managed and controlled in the United States as domestic corporations.

Sec. 104. Allowing more time for investigations involving offshore secrecy jurisdictions.

Sec. 105. Reporting United States beneficial owners of foreign owned financial accounts.

Sec. 106. Preventing misuse of foreign trusts for tax evasion.

Sec. 107. Limitation on legal opinion protection from penalties with respect to transactions involving offshore secrecy jurisdictions.

Sec. 108. Closing the offshore dividend tax loophole.

Sec. 109. Reporting of activities with respect to passive foreign investment companies.

TITLE II--OTHER MEASURES TO COMBAT TAX HAVEN AND TAX SHELTER ABUSES


Sec. 201. Penalty for failing to disclose offshore holdings.

Sec. 202. Deadline for anti-money laundering rule for hedge funds and private equity funds.

Sec. 203. Anti-money laundering requirements for formation agents.

Sec. 204. Strengthening summons in cases involving offshore secrecy jurisdictions.

Sec. 205. Improving enforcement of foreign financial account reporting.

TITLE III--COMBATING TAX SHELTER PROMOTERS

Sec. 301. Penalty for promoting abusive tax shelters.

Sec. 302. Penalty for aiding and abetting the understatement of tax liability.

Sec. 303. Tax planning inventions not patentable.

Sec. 304. Prohibited fee arrangement.

Sec. 305. Preventing tax shelter activities by financial institutions.

Sec. 306. Information sharing for enforcement purposes.

Sec. 307. Disclosure of information to Congress.

Sec. 308. Tax opinion standards for tax practitioners.

Sec. 309. Denial of deduction for certain fines, penalties, and other amounts.


TITLE IV--REQUIRING ECONOMIC SUBSTANCE

Sec. 401. Clarification of economic substance doctrine.

Sec. 402. Penalty for understatements attributable to transactions lacking economic substance, etc.

Sec. 403. Denial of deduction for interest on underpayments attributable to noneconomic substance transactions.



About the International Association of Risk and Compliance Professionals (IARCP)

As the legal and regulatory environment is constantly changing, the need for education is continual.

Our Mission: To help you make informed business decisions in good faith

Membership in the International Association of Risk and Compliance Professionals (IARCP) means that you always try to learn more and to make informed decisions. At every stage of your career, our association provides networking, training opportunities, information and services you can use.

Membership is Free

The Association offers the following Certified Courses:
A. Certified Risk and Compliance Professional (CRCP) - Prep Course (5 days)

B. Certified Information Systems Risk and Compliance Professional (CISRCP) - Prep Course (5 days)
Our certified courses lead to our two certifications:
A. Certified Risk and Compliance Professional (CRCP)
B. Certified Information Systems Risk and Compliance Professional (CISRCP)

Our distance earnong and online certification program:
www.risk-compliance-association.com/Distance_Learning_and_Certification.htm

For further information, you may contact

Lyn Spooner, E-mail: lyn@risk-compliance-association.com, Tel: +1 (302) 342-8828 Ext 1, or George Lekatis, E-mail: lekatis@risk-compliance-association.com, Tel: +1 (302) 342-8828 Ext 5.

More information can be found online at http://www.stop-tax-haven-abuse-act.com

Stop Tax Haven Abuse Act