TITLE

GAO: IRS must stiffen policies to blunt offshore tax evasion

AUTHOR(S)
Rankin, Ken
PUB. DATE
June 2007
SOURCE
Accounting Today;6/4/2007, Vol. 21 Issue 10, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on a call from the U.S. Government Accountability Office for the Internal Revenue Service (IRS) to enhance audit procedures to prevent tax evaders from hiding funds in offshore accounts. According to Senate Finance Committee Chair Max Baucus, an estimated $300 billion is transferred out of the U.S. to foreign accounts each year. It is suggested that the IRS can serve as a qualified intermediary that encourages cooperation between foreign banks and U.S. tax authorities.
ACCESSION #
25473584

 

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