When accounting goes unaccounted for
It’s a pretty sad reflection of the current state of affairs in my homebase of Washington, DC if the IRS, Paris Hilton, Nixon circa Watergate and the BP oil spill have a higher approval rating than the 112th Congress.
According to Chris Cillizza in WaPo, the only thing less popular than Congress is Fidel Castro.
And as we already know, the Fed is less popular than the IRS too.
Ginny Hopkins has waited tables at Johnny's Downtown in Cleveland for 20 years. In that […]
Yesterday we mentioned that the IRS’s new Global High Wealth Industry Group was putting the screws to the rich via “Audits from Hell.” Today, the Service announced that they were withdrawing the federal court summons against UBS since the Swiss Bank provide 4,000 more names of American clients who had parked funds offshore.
With the announcement, IRS Commish Doug Shulman put those 4k lucky ducks on notice that they should prepare for their personal audit inferno:
The IRS on Tuesday withdrew its Miami federal court summons seeking identities of suspected U.S. tax dodgers at UBS after receiving more than 4,000 names as required under an August 2009 agreement that also included the Swiss government. Each of those people expect what Shulman called a “full-blown audit” and many are likely to be charged criminally.
But that’s not all! Clearly, not satisfied with the example made of UBS, the Commish made a promise to everyone that the Service’s offshore bank raids were just getting started.
This is the close of what I call the first chapter,” IRS chief Doug Shulman told The Associated Press in a telephone interview. “We are actively pursuing a number of other banks and promoters and advisers.”
Shulman declined to get into specifics about ongoing offshore tax investigations, but said: “It’s not just about Switzerland, this is about multiple countries and multiple institutions.”
It isn't often the AICPA throws out serious words like "deep concerns," yet they just […]