IRS Opens Tax Cases Based on Trove of Offshore Account Data

[closeupready]

Source: Bloomberg Businessweek

The U.S. Internal Revenue Service has opened cases and begun investigations based on what it calls a “substantial amount” of information it has received on offshore companies and trusts.

The U.S., the U.K. and Australia are working together to analyze the data for potential tax-law violations. The countries disclosed their work today and said the data show how residents of countries around the world use offshore accounts in Singapore, the British Virgin Islands, the Cook Islands and the Cayman Islands.

“It’s enough for us to move on in several cases at least,” Michael Danilack, an IRS deputy commissioner for international issues, said in a telephone interview today. “When we see information like that, we usually will pursue what we can on both the owner as well as any advisers that may be involved.”

The International Consortium of Investigative Journalists released a report on similar -- if not identical -- data April 3. Danilack declined to comment when asked whether it was the same data. He also wouldn’t discuss how long the IRS has had the information or how it was obtained.

Read more: http://www.businessweek.com/news/2013-05-09/irs-opens-tax-cases-based-on-trove-of-offshore-account-data

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Will be interesting to see where this leads.

[kestrel91316]

1. You mean they are going to go after the big guys for once instead of harrassing the poor??

[synapticwave]

2. nope

There's at least 25 poor people who happen to have an old overseas account with $20 in it. I'm sure that's what they're going after.

[KoKo]

3. lol's...some sensationalist News...and little comes of it for the 99%. n/t

[alfredo]

4. Obama doesn't have to worry about reelection. He can

Rip those scumbags a new one.

[KoKo]

5. His Reputation, His Future for his Wife and Children ...Depend on this.

I can understand his "Pragmatism in this Context....but, as A PRESIDENT for ALL OF US...I start to question ..how far this can go.

[alfredo]

9. He is financially secure, and can live well on his pension.

[closeupready]

7. Priorities, you see.

[tofuandbeer]

6. Yeah. Like anything will happen to folks who are that rich.

[okaawhatever]

8. The IRS has to have the staff to go over this. Obama asked for a huge increase in number of IRS

employees in a few of his previous budget proposals. Turned down by gop. I'm going to have to look it up again but I remember when I was looking up different board members from the nra from the website meetthenra.org I noticed one of them owned an "international bank" in new mexico or arizona. No branches, I think the address was a po box. It was all pretty sketchy. I hope they trounce his a@@.