SENATORS TARGET TAX HAVENSWASHINGTON - A trio of senators has proposed legislation targeting overseas tax havens. Such havens cost the U.S. upwards of $100 billion a year in lost tax revenues, according to Sen. Carl Levin, D-Mich.

The bill would require hedge funds to establish programs to combat money laundering and better track offshore investors. It would also prevent the U.S. Patent and Trademark Office from issuing patents for accounting strategies intended to reduce or avoid tax liability.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access