The Internal Revenue Service is establishing offices in Beijing, Panama City and Sydney to monitor funds moving internationally. Pictured above is the IRS headquarters in Washington, D.C.
An Internal Revenue Service unit is being developed to catch wealthy tax cheats who find ways to hide their assets in different businesses and accounts. The new unit reportedly has hired hundreds of employees to combat international tax evasion. —JCL
The IRS high wealth unit, part of a broader effort to combat international tax evasion, is focusing on “the entire web of business entities controlled by a high wealth individual,” IRS Commissioner Doug Shulman told a tax conference this week.
Another IRS official told Reuters “hundreds” of people have already been hired to staff the new unit, including some from within the agency.
“We have drawn top talent within the IRS that have expertise involving wealthy individuals as well as examination of their related entities,” said Mae Lew, an IRS special counsel.