11 December 2009

barky 'bout 2 eat da rich

WASHINGTON (Reuters) The U.S. House of Representatives on Thursday approved a $387 million boost for the IRS for the fiscal year that started October 1, in part to fund the high-wealth unit. The Senate is expected to vote on the measure on Sunday. [probably H.R. 4173 1,279 page .pdf 2.11 mb]


The IRS has also begun initial steps to join forces with other governments to scrutinize corporate tax filings to prevent "tax arbitrage" by companies seeking the best regime.

The IRS is also opening new criminal offices in Beijing, Panama City and Sydney to focus on funds flowing out of Europe and into Asia, in part because of a heightened focus on international enforcement in Europe.

President Barack Obama has proposed tightening tax rules for U.S. multinationals, including one in which companies delay paying taxes on income earned offshore, a legal practice known as deferral that officials say is abused. more >> reuters
reuters update to the above story

The IRS unit, which started operations in recent months, is part of a broader effort at the agency to combat international tax evasion, and the unit will grow over time, IRS Commissioner Doug Shulman told a meeting of the American Institute of Certified Public Accountants.

"We will take a unified look at the entire web of business entities controlled by a high-wealth individual," Shulman told the meeting. "At least initially, we will be looking at individuals with tens of millions of dollars of assets or income." ~ read more