Darrell Issa Can Turn This IRS Scandal Into a Circus on His Own Just Fine, Thanks

Posted on by Caleb Newquist

Congressional Republicans are skeptical the IRS’s treatment of conservative groups warrants a special prosecutor, fearing that step could limit their own investigation into the agency. GOP lawmakers stress that – with just one inspector general's report and three hearings in the rearview mirror – it’s too early to lean on a special counsel, and that calling for the Justice Department to act should be a last resort. “When I can’t do my job because I lack the authority or cooperation, I’ll seek additional remedies,” House Oversight Chairman Darrell Issa (R-Calif.) told reporters on Thursday. [The Hill]

 

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Memo to Rich People: Gird Your Loins for the IRS ‘Wealth Squads’

For those of you keeping score, the ballpark figure of “wealth” is “in the neighborhood of tens of million of dollars,” according to IRS Commish Doug Shulman’s best guess. So if this is you, the time is nigh. You peasants whose net worth falls into the seven figure range probably can rest easy but don’t get too comfortable, you’re still at risk.

And don’t think that this will be a friendly visit between you, your CPA and an IRS representative. No, this will likely be a financial strip search that will be topped off with a latex surgical glove moseying around your nether regions.

This will not be a kick-the-tires type of exam. Instead, think in terms of a major overhaul. Global High Wealth taxpayers and their representatives should expect to confront teams of revenue agents, partnership experts, and international examiners prepared to scrub not only the Forms 1040 and the attached schedules but also any and all related returns. In the background will be specialists in such areas as financial instruments; exempt organizations; retirement plans (whether individually maintained or employer sponsored) and insurance and annuity arrangements.

Granted this is just how Don Rocen, the article’s author (and former deputy chief counsel at the IRS) pictures it but…yeeesh. If you want to come out with your hands up, think they’ll go easy on you?

IRS ‘Wealth Squads’ On The Way [Forbes]