Friday, October 30, 2009
Determined to go after wealthy tax cheats, the IRS has created a new enforcement unit that will investigate elaborate tax shelters and other methods used to shield income. The Global High Wealth Industry group will begin by going after a small group of individuals with assets or income in the tens of millions of dollars.
Congress is also joining in the effort with new legislation, the Foreign Account Tax Compliance Act, designed to force foreign banks to reveal information about U.S. account holders. “For too long, individuals have taken advantage of the system by hiding money in accounts overseas, while millions of families and small businesses here at home pay the price,” said Treasury Secretary Timothy Geithner. “This legislation will reduce the amount of taxes lost through the illegal use of hidden accounts and is the next step in making sure that everyone pays their fair share.”
-Noel Brinkerhoff
IRS Brings New Focus to Auditing the Rich (by Martin Vaughn, Wall Street Journal)
IRS to Rich Tax Cheats: Be Afraid. Be Very Afraid. (by Aaron Smith, CNN Money)
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