Scheming Off the Top?
Congress takes steps to uncover businesses' secret stash.
The Senate Finance Committee is expected to continue to push for a crackdown on abusive tax shelters. It issued a set of legislative proposals in the last Congress that called for tough new fines on these schemes and a hefty increase in penalties on shelter promoters. If the legislation passes, tax strategies for business owners may well be affected.
The committee's plan is a direct response to a Treasury Department request for Congress to take legislative steps to rein in abusive shelters. The Treasury claims these shelters are the most serious tax enforcement problem now facing the government, at costs of tens of billons of dollars in lost revenue over the past 10 years.
Continue reading this article -- and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!