Taxpayer Abuse Prevention Act

Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit and the child tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the federal government.

Prohibits: (1) the collection of a debt from a debtor's federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan.

Terminates the Department of the Treasury Debt Indicator Program.

Allows earned income tax credit benefits to be paid through electronic transfer accounts.

Directs the Secretary of the Treasury to: (1) develop and implement a program to encourage the greater use of the advance earned income tax credit; and (2) enter into cooperative agreements with federally insured depository institutions to provide low- and moderate-income taxpayers with the option of establishing low-cost direct deposit accounts using appropriate tax forms.