Tax Shelter Transparency Act

openUnited States· United States Congress· EN

Introduced

9 May 2002

Last action

28 June 2002 · Reported

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 466.

Summary

Tax Shelter Transparency Act - Amends the Internal Revenue Code to prescribe a civil penalty for failure to include on any return or statement certain information required about "reportable transactions" having a potential for tax avoidance or evasion. Increases civil penalty for making reportable transaction income tax understatements, and limits reasonable cause exceptions to such penalty. Extends provision nullifying right of an individual to confidentiality privileges pertaining to written communication with a federally authorized tax practitioner for promoting a tax shelter to include additional persons. Modifies the monetary penalty and revises provisions for failing to register a tax shelter with the Secretary of the Treasury. Increases the civil penalty for understatement of a taxpayer's liability by an income tax preparer. Establishes a monetary penalty for filing a frivolous tax return, which shall be in addition to any other penalty provided by law, to be rescinded if the taxpayer withdraws the return promptly after being made aware of the violation. Amends the provisions of law regulating the practice of representatives of persons before the Department of the Treasury to permit the Secretary to impose a monetary penalty on taxpayer representatives who are disreputable or incompetent, who violate certain regulations or who mislead with intent to defraud. Permits the Secretary to impose a civil penalty on firms of such representatives that knew or reasonably should have known of such conduct. Modifies monetary penalty for making fraudulent statements on certain topics involving promotion of abusive tax shelters.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

9 May 2002
Introduced
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4159-4163)
Source: IntroReferral
9 May 2002
Introduced
Sponsor introductory remarks on measure. (CR S4158-4159)
Source: IntroReferral
9 May 2002
Introduced
Introduced in Senate
Source: IntroReferral
18 June 2002
Reported
Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.
Source: Committee
28 June 2002
Reported
Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. With written report No. 107-189.
Source: Committee
28 June 2002
Calendars
Placed on Senate Legislative Calendar under General Orders. Calendar No. 466.
Source: Calendars
28 June 2002
Reported
Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. With written report No. 107-189.
Source: Committee

Votes

No vote records are attached yet.

Versions

Reported to Senate · 28 June 2002 · Download file
Introduced in Senate · 9 May 2002 · Download file

Documents

6 official files

Reported to Senate (text)

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Reported to Senate (text)
Reported to Senate · EN · 28 June 2002
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Reported to Senate (PDF)
Reported to Senate · EN · 28 June 2002
View Download Open at official source
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Reported to Senate with amendment(s)
summary · EN · 28 June 2002
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Introduced in Senate (text)
Introduced in Senate · EN · 9 May 2002
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Introduced in Senate (PDF)
Introduced in Senate · EN · 9 May 2002
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Introduced in Senate
summary · EN · 9 May 2002
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

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Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/107th-congress/senate-bill/2498
Open data entity: https://api.congress.gov/v3/bill/107/s/2498
us · 107-s-2498 · source updated 7 April 2025