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News Link • TAXES: Federal

‘Wealth advisers’ upset at new IRS unit design to target super-rich


irs Wealth advisers upset at new IRS unit design to target super richOffshore tax shelter? Check. Income hidden from tax authorities? Check. New IRS unit specifically set up to target taxpayers with tens of millions of dollars? Check.

IRS Commissioner Doug Shulman told the American Institute of Certified Public Accountants Monday that the agency has set up a unit specifically to deal with rich Americans who are hiding assets.

"We will take a unified look at the entire web of business entities controlled by a high-wealth individual," Shulman said. "At least initially, we will be looking at individuals with tens of millions of dollars of assets or income."

"The high-wealth unit will focus on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals. While use of sophisticated legal structures are at times legal, there are other instances where they 'mask aggressive tax strategies,' he said."


3 Comments in Response to

Comment by Al Washington
Entered on:

 Lucky Red, I always thought you were an idiot. You have now opened your mouth and proven it.

Comment by Powell Gammill
Entered on:

'Why do I rob banks?   Because that is where the money is at!'  -- Willie Sutton

Comment by Lola Flores
Entered on:

 Won't be long now till Glen Beck, Rush Limbo, et al are haranging the Right Wing nutjobs to protest and protect their interests so they shouldn't worry.  The system works well for them.

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