Summary of Bill HR 3007
Bill 117 HR 3007, also known as the Disclosure of Tax Havens and Offshoring Act, aims to increase transparency and accountability in the financial practices of corporations and individuals who utilize tax havens and offshore accounts to avoid paying taxes in the United States.
The bill requires any individual or corporation that holds assets in a tax haven or offshore account to disclose this information to the Internal Revenue Service (IRS) on an annual basis. Failure to comply with this requirement will result in significant penalties and fines.
Additionally, the bill mandates that the IRS conduct regular audits of individuals and corporations suspected of using tax havens and offshore accounts to evade taxes. This will help ensure that those who are not paying their fair share are held accountable for their actions.
Overall, the Disclosure of Tax Havens and Offshoring Act is designed to crack down on tax evasion and ensure that all individuals and corporations are paying their fair share of taxes. By increasing transparency and accountability in financial practices, the bill aims to level the playing field and promote fairness in the tax system.