IRS to Request More Correspondent Data from U.S. Banks in Tax Evasion Cases: Former Agent

By Brian Monroe

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. The IRS could move "relatively quickly," and is likely to act within the next few years, to pressure American banks to hand over information on the accounts they maintain for other financial institutions, said Daniel Reeves, a former IRS agent who left the agency in 2012 after helping to create its Offshore Compliance Initiative. "U.S. correspondent bank accounts are the Achilles heel" of foreign financial institutions...