U.S. officials will soon order banks, credit card companies and firms linked to tax compliance to turn over data on whether their clients are illegally hiding assets offshore, IRS agents said Monday. Over the next 24 months, the agency will seek court approval to issue so-called "John Doe summonses," a type of request that allows officials to obtain information on suspect taxpayers whose names they don't know, according to Bryan Stiernagle, program manager of the IRS's Offshore Compliance Initiative. The orders will target "intermediaries, service providers and facilitators" of possible tax evasion, including law firms and accountancies, said Stiernagle, during...
The Internal Revenue Service's Criminal Investigation Division initiated 19 percent fewer investigations and recommended nearly 900 fewer prosecutions in fiscal year 2014 than in the previous year, the agency said in a report Tuesday.
In the wake of criticism from a government watchdog, the Internal Revenue Service is close to finalizing changes to a limited amnesty program for Americans illegally hiding funds overseas and dodging reporting requirements, the head of the tax agency said Tuesday.
The IRS has identified multiple U.S. banks that it could issue subpoenas to as part of an effort to determine whether international institutions have aided American tax evaders, a former agency official said Monday.