The Internal Revenue Service detailed plans on Monday to weed out wealthy, international tax cheats with renewed urgency.
IRS Commissioner Douglas Shulman said the agency recently formed the Global High Wealth Industry task force to target investors with assets “in the neighborhood of $30 million.”
Shulman, as he addressed members of the American Institute of Certified Public Accountants in Washington, DC., said that a more “holistic” approach was necessary to find international tax cheats, given the growth in Americans investing overseas, and the broad and complicated nature of modern financing.
Shulman said the IRS has already hired flow-through specialists and international examiners. Over time, he plans to add additional tax agents with expertise on economic trends, valuation issues, and other areas.
As part of an earlier effort to bring U.S.-based international taxpayers into compliance, Shulman said that 7,500 investors recently participated in an offshore amnesty program.
The IRS has become more aggressive, but also more flexible, in tracking down international tax cheats. In August, the IRS struck a deal with the Swiss government, gaining access to thousands of UBS AG (UBS) accounts that Americans might have used to dodge tax payments.
(Source: CNN Money)
There is a lot more money to be found going over rich tax cheats than poor tax cheats. Makes more cents to go after the people who evade taxes and buy caviar than the one’s who cheat in order to buy bread.
They’re trying real hard to come up with more money to pay for Obamacare..
Pure geneivah. What right has the US government got to money made overseas, just because the owner happens to be a US citizen? They take it just because they can? That is no different than a highwayman.
And if I have a problem with the mafia I should speak to the Godfather? You’re not making any sense.
one has to pay duty at the border, (mutual agreement to price of entry) and one has to pay a head-tax which is translated to income tax,.
i wonder if there is a halochig necessity to pay on money which never came into the country. ( i don’t mean hidden money in offshore accounts, i’m referring to money earned offshore, and kept offshore.)