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Federal Audits of Wealthy Could Mean More Subpoenas for Banks
By Colby Adams
printA new IRS division focusing on recovering lost tax revenue from the ultra-wealthy has begun auditing individuals, according to a corporate tax attorney at a Washington, D.C. law firm. The agency formed the division, called the Global High Wealth Industry initiative, in October as part of its efforts to crack down on the abuse of offshore tax havens. The group is comprised of agents culled from the IRS's Large and Mid-Sized Business division (LMSB) and newly-hired examiners, IRS Commissioner Doug Shulman said in a speech announcing the formation. "We've had two taxpayers in the last few weeks report that the...
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