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Eat the Rich
October 28, 2009
The IRS is geared up to go after offshore wealth by trying to untangle complex offshore structures.
The economy has become more international. It's not unusual for a midwest livestock producer to have Canadian interests. We see more cross-border structures because more business is done across borders. What are the chances this new initiative will be able to tell the difference between a structure driven by business needs and one set up to dodge taxes?
More from TaxGrrrl and Peter Pappas.
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Comments
Determing which Foreign interests are genuine and which are tax dodges may sound complex and difficult at first. However, if the proper sorting is done as a first step, (i.e. I make a pile of returns with Canadian addresses, I make a pile of returns with Cayman Islands addresses, I make a pile of returns with Aruba addresses), one could give more credence to weighting the "Island" addresses for further testing! (and field audits!!!)
Posted by: Beefup | October 28, 2009 9:15 AM