Tuesday, April 06, 2010

IRS Launches New Global Program to Target High Wealth Individuals

IRS Commissioner Douglas Shulman spoke with the media yesterday about the IRS’s new program targeting wealthy Americans. The IRS is hoping to identify better methods to ensure compliance among these individuals, who’s returns are complicated by investment income and capital gains. You can watch a video of Commissioner Shulman’s statement here or read more about the program and what it hopes to achieve courtesy of CNS News.

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.

Continue reading at CNS News.com…

Blog Archive