Schemes of Wealthy Individuals
Posted by Rob Daniel on Wed, Jul 14, 2010
![money magnifying glass scrutiny 185x114[1]](/Portals/73911/images/money-magnifying-glass-scrutiny-185x114[1].jpg)
Complex Schemes of Wealthy Individuals under Uncle Sam’s Magnifying Glass
The IRS is determined to bring in the money owed to Uncle Sam. This means more audits. The IRS is aiming for the wealthy not regular citizens. It was due to the IRS Voluntary Compliance program that many holders of offshore accounts disclosed harbored tax money. According to Douglas Shulman, the IRS Commissioner, it was just the start of things to come.
The objective of the amnesty time period was to encourage holders of foreign bank accounts with funds from $10 000 to more than $100 million to come clean. The IRS let it be known they would carefully search the 7,500 bank accounts handed over by the Swiss powers. Special US examiners will determine which financial establishments and consultants are implicated.
The IRS Commissioner has made it very clear they are specifically looking for people who conceal assets offshore. He is fully aware this is practiced by large numbers. The IRS is going to target many areas across the globe. There are already eight stations intent on investigating criminal activities in Australia, Sydney and Beijing, Panama City. An additional staff will be located to these operations.
Shulman wants people who fall into the higher income bracket. He confirmed this at the AICPA National Tax Conference. The Global High Wealth Industry Group was formed for this reason. Uncle Sam will scrutinize those with many millions of dollars in earnings and assets. They will pay particular attention to complicated financial, investment and business modes with the potential to hide potential unlawful tax conspiracies.
Unlike ordinary people, Shulman knows the wealthy have the means to pay for elaborate schemes to hide their assets. It takes time and effort to unravel overly complex strategies for this purpose but the IRS is determined to reveal any irregularities in order for Uncle Sam to his dues from the wealthy.