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The US taxing authority, the Internal Revenue Service, has unveiled plans to crackdown on millions of Americans believed to be avoiding income taxes by hiding money in offshore bank accounts.
The announcement, made by IRS commissioner Charles Rossotti, is yet one more indication the agency is beefing up auditing duties curtailed during the time of Bill Clinton's presidency
On March 25, 2002, the IRS petitioned the U.S. District Court in San Francisco for permission to serve a John Doe summons on VISA International seeking records on transactions for 1999-2001 using cards issued by banks in over 30 tax haven countries.
Abusive tax avoidance transactions are LMSB’s highest enforcement priority. Other high risk issues requiring additional research and appropriate compliance improvement action involve executive compensation, offshore tax avoidance transactions, flow-through entities, special purpose entities, and financial vs. tax reporting discrepancies.