IRS Launches New Global Program to Target ‘High Wealth Individuals’
(CNSNews.com) - The Internal Revenue Service has launched a new global program to target what it calls “high wealth individuals,” IRS Commissioner Douglas Shulman said Monday.
“Through our new global high wealth operating unit we are taking a unified look at the entire web of business and economic entities controlled by high wealth individuals so we can better assess the risk such arrangements pose to tax compliance,” Shulman said at the National Press Club on Monday.
Shulman said the IRS is using “our robust and evolving enforcement program that ensures that everyone pays what they owe.”
The IRS initiated its Global High Wealth Industry group in the fall. Schulman told an October 26 meeting of the American Institute of Certified Public Accountants that it would be part of “the globalization of tax administration,” which he called a “game changing trend” in tax enforcement.
“This brings me to another important development–a game-changing trend–the globalization of tax administration,” said Shulman.
“While we are in the early stages of this work, this new unit will centralize and focus IRS compliance expertise involving high-wealth individuals and their related entities – which can often have an international component,” Shulman said. “Tax agencies around the world, including those in Japan, Germany, the UK, Canada and Australia, have also formed high wealth groups.
(Excerpt) Read more at cnsnews.com
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