Tax Shelter and Tax Haven Reform Act

[AI summary unavailable — showing source text] Tax Shelter and Tax Haven Reform Act - Amends the Internal Revenue Code to add or increase penalties for: (1) promoting abusive tax shelters; (2) aiding and abetting the understatement of tax liability; (3) failing to provide required information on a tax shelter; (4) failing to maintain a client list of tax shelter investors; (5) failing to disclose potentially abusive tax shelters; and (6) failing to report certain interests in foreign financial accounts. Extends the expiration period for assessing and collecting tax for failure to disclose information relating to a potentially abusive tax shelter. Expands the types of tax shelter activity for which the Secretary of the Treasury can obtain injunctive relief. Authorizes the Secretary to censure or fine tax practitioners who violate standards of behavior for practice before the Department of the Treasury. Directs the Secretary to impose specified standards for issuing professional tax shelter opinions. Expands provisions denying privilege for communications between a tax shelter promoter and a corporate client to include any person directly or indirectly participating in tax shelter activities. Authorizes the Secretary to share cer…