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U.S. IRS forms 'SWAT team' for tax dodger crackdown

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posted on Mar, 21 2012 @ 03:35 AM
U.S. IRS forms 'SWAT team' for tax dodger crackdown

Don't be alarmed by the headline !!

It's not for the average American.

They are going after the international corporations that have been
penciling assets around the globe to avoid high U.S. tax rates.

Last year the IRS created a new post called "transfer pricing director".

Transfer pricing is the term used to describe
the tool used by companies who can pay less taxes in foreign countries.

The IRS has hired "special" pencil sharpeners (a.k.a. auditors) to fight the practice
and possibly recover unpaid taxes.

But then again, who is really "smarter" ?

These boys get paid big money to address a problem
that perhaps Congress should be looking at !

There is a lot of talk about raising taxes on corporations.

Some say it might be better to lower taxes for the corporations.

Either way, the international corporations will do whatever is best for themselves,
regardless of what you or me want.

WASHINGTON, March 20 (Reuters) - The U.S. Internal Revenue Service is staffing up with high-powered talent to crack down on companies shifting profits from country to country to lower their tax bills, a strategy the agency has targeted before with only limited success.

The IRS showed its elevated concern on the issue, known as "transfer pricing," last May by hiring Samuel Maruca to fill the newly created post of transfer pricing director.

He has since brought aboard specialists from Big Four audit firms KPMG and Ernst & Young LLP, as well as law firm Mayer Brown and boutique consultancy Horst Frisch.

Maruca, who came from law firm Covington & Burling, is still recruiting. He told Reuters the agency previously had "had a difficult time attracting and retaining economists."

Now, he said, the IRS's international group "has significant external hiring authority."

Transfer pricing is a booming field of global tax law. It involves multinational corporations that are constantly moving goods, services and assets from one subsidiary to another in different countries and how they account for these "transfers."

By carefully manipulating the pricing of such moves, companies can effectively shift profits to low-tax countries from high-tax ones, lowering their overall tax costs......
Read the whole article for details

IRS Corporate SWAT Team

I think some of these big time firms also have

big time corporations as clients !!


What will they think of next !!

posted on Mar, 21 2012 @ 03:37 AM
They have been having "SWAT" teams...all federal agencies have them...since about 2005 I think...nothing new

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