IRS Strengthening Stance Against “Tax Dodgers”
The IRS is strengthening its stance against wealthy “tax dodgers” by ramping up its efforts to prevent international shielding of income. According to multiple reports today, the IRS has new plans that will help it to “weed out wealthy, international tax cheats with renewed urgency.”
Investors with assets around $30 million are the ones being targeted by the newly formed Global High Wealth Industry task force.
According to an article today at SmartMoney.com, the uber-wealthy and even the “merely” wealthy now find themselves with a higher risk of being audited. Additionally, the audits will be a little bit more than just the “garden variety” kind, according to IRS Commissioner Douglas Shulman:
“We will take a unified look at the entire web of business entities controlled by a high-wealth individual, which will enable us to better assess the risk such arrangements pose to tax compliance and the integrity of our tax system,” Shulman said in his speech.
To learn more about the story, utilize the following resources:
- Is the new IRS Wealth Squad coming after you? — (Smart Money)
- Bill aims to crack down on overseas tax cheats — (AP)
- IRS to rich tax cheats: Be afraid. Be very afraid. — (CNNMoney.com)
- IRS Brings New Focus to Auditing the Rich — (WSJ)
- IRS high wealth unit to focus on business entities — (Reuters)
- Tax man gets tougher on the rich — (WSJ Blogs Financial Advisor)
- New IRS unit to target the rich — (The Atlantic)
Tags: internal revenue service, irs, tax shelters, taxes
