The IRS has announced that it will be working with certain foreign governments to scrutinize tax returns filed by wealthy Americans. The new program is meant to be used to prevent the wealthy from practicing “tax arbitrage,” which means evading taxes in the US by hiding money in a country with more favorable tax laws. The IRS says they will be looking in particular for abuses of deferred of taxes money on earned abroad.
The joint audits can only be held with other countries that are part of a treaty allowing it. The initiative has already paid off; after an international IRS investigation, UBS AG agreed to pay the IRS $780 million in taxes they had avoided paying.
The program is part of a larger initiative to ensure that wealthy individuals and big corporations pay their fair share of taxes in the US. The rich have the same duty as everyone else to pay their fair share of taxes. Individuals who bend the rules may soon be the target of a joint IRS / international audit.
At The Pew Law Center, PLLC, we understand that if you do run into tax problems with the IRS, it can be overwhelming. Whether you owe back taxes, haven’t filed taxes for several years, or have received an audit or wage garnishment notice from the IRS, the attorneys at The Pew Law Center, PLLC can help you or your business with these and any other federal and state tax problems.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona work through tough tax problems or file for bankruptcy every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing tax problems. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.