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)