Scheming Off The Top?(Senate Finance Committee looks for abusive tax shelters of businesses)(Brief Article)

Entrepreneur | February 1, 2001| | Copyright

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 he 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 ...

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