As of September 2010, the tax agency had 80,606 items in storage, of which 28% — or 22,486 items — had been there for at least a year and a half without being used or moved, according to [a TIGTA] report. Those items took up 34,194 square feet of warehouse space costing about $862,000 in rent annually. [WSJ]
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Rest Easy: The IRS Is Preparing for IFRS
- Caleb Newquist
- October 7, 2010
For the first times since we started paying attention, the TIGTA is simply putting everyone on notice that the IRS is on top of this IFRS thing. No “You suck at this IRS” or “Here’s a list of things you should considering doing if you are interested in not sucking any more, IRS.” Simply, “Here’s what they’re doing. Have a nice day.”
The IRS began developing plans for strategic and operational activities related to the adoption of the IFRS in 2009.
TIGTA found that the IRS: is training employees about IFRS concepts and potential issues; working with the tax preparer community to identify and outline IFRS implementation concerns; and developing procedures to address issues related to IFRS conversion efforts.
“The IRS is appropriately laying the groundwork for its increased oversight of international taxation by gaining an understanding of the International Financial Reporting Standards,” said J. Russell George, the Treasury Inspector General for Tax Administration.
TIGTA did not make any recommendations in this audit and the IRS did not provide any comments on a draft of the report.
Doesn’t quite feel right, does it?
Tax Panel Was a Real Snoozer Until Lois Lerner Started Talking About the Whole IRS Targeting the Tea Party Thing
- Caleb Newquist
- May 17, 2013
I know you'll find it hard to believe that American Bar Association's annual tax meeting […]
IRS Commish: Gird Your Loins, Offshore Bank Havens
- Caleb Newquist
- November 17, 2010
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.”