The IRS is coming after the filthy rich

Friday, October 30, 2009, AM | Leave Comment

Direct from the horse’s mouth. IRS Commissioner Doug Shulman said on Monday “A new Internal Revenue Service enforcement unit targeting the very wealthy will help the tax agency decode partnerships, offshore trusts and other complex techniques used to hide income.” If you think you are filthy rich, watch out. The IRS is coming to your town and hopefully with heavy artillery.

The new unit is called Global High Wealth Industry group. It will launch “a small number” of audits of individuals with assets or income in the tens of millions of dollars. An IRS official said the group would begin work on these initial audits in the next month.

The high-wealth group will be housed in the IRS’s large- and medium-sized business division, and will mark a sharpening of the IRS approach to auditing the very wealthy.

Well! Somebody is waking up to the complex web of entities and transactions many high-net-worth individuals use to manage their financial affairs.

In a Nutshell
We just have to see how much the IRS can get out of this operation. I think it’s a step in the right direction. In case of Madoff, the SEC didn’t do much. But the IRS is different. We all know Eliot Ness didn’t get Al Capone. The IRS did.

What do you think?

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