Sec. 305. Information sharing for enforcement purposes
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/bill/113/hr/1554/ih/section-305·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 6103(h) is amended by adding at the end the following new paragraph: Upon receipt by the Secretary of a written request which meets the requirements of subparagraph
(B)from the head of the United States Securities and Exchange Commission, an appropriate Federal banking agency as defined under section 1813(q) of title 12, United States Code, or the Public Company Accounting Oversight Board, a return or return information shall be disclosed to such requestor’s officers and employees who are personally and directly engaged in an investigation, examination, or proceeding by such requestor to evaluate, determine, penalize, or deter conduct by a financial institution, issuer, or public accounting firm, or associated person, in connection with a potential or actual violation of section 6700 (promotion of abusive tax shelters), 6701 (aiding and abetting understatement of tax liability), or activities related to promoting or facilitating inappropriate tax avoidance or tax evasion. Such disclosure shall be solely for use by such officers and employees in such investigation, examination, or proceeding. In the discretion of the Secretary, such disclosure may take the form of the participation of Internal Revenue Service employees in a joint investigation, examination, or proceeding with the Securities and Exchange Commission, Federal banking agency, or Public Company Accounting Oversight Board. A request meets the requirements of this subparagraph if it sets forth— the nature of the investigation, examination, or proceeding, the statutory authority under which such investigation, examination, or proceeding is being conducted, the name or names of the financial institution, issuer, or public accounting firm to which such return information relates, the taxable period or periods to which such return information relates, and the specific reason or reasons why such disclosure is, or may be, relevant to such investigation, examination or proceeding. For the purposes of this paragraph, the term financial institution means a depository institution, foreign bank, insured institution, industrial loan company, broker, dealer, investment company, investment advisor, or other entity subject to regulation or oversight by the United States Securities and Exchange Commission or an appropriate Federal banking agency. . Section 6103(i) is amended by adding at the end the following new paragraph: Upon receipt by the Secretary of a written request which meets the requirements of subparagraph
(B)from the head of the United States Securities and Exchange Commission or the Public Company Accounting Oversight Board, a return or return information shall be disclosed to such requestor’s officers and employees who are personally and directly engaged in an investigation, examination, or proceeding by such requester to evaluate the accuracy of a financial statement or report, or to determine whether to require a restatement, penalize, or deter conduct by an issuer, investment company, or public accounting firm, or associated person, in connection with a potential or actual violation of auditing standards or prohibitions against false or misleading statements or omissions in financial statements or reports. Such disclosure shall be solely for use by such officers and employees in such investigation, examination, or proceeding. A request meets the requirements of this subparagraph if it sets forth— the nature of the investigation, examination, or proceeding, the statutory authority under which such investigation, examination, or proceeding is being conducted, the name or names of the issuer, investment company, or public accounting firm to which such return information relates, the taxable period or periods to which such return information relates, and the specific reason or reasons why such disclosure is, or may be, relevant to such investigation, examination or proceeding. . The amendments made by this section shall apply to disclosures and to information and document requests made after the date of the enactment of this Act.