The Offshore Credit Card and Financial Arrangement Probe: Fraught With Danger for Taxpayers
- Topics:
- Commercial Lending
- Tags:
- Credit Card,
- Finance,
- Financial,
- Financial Accounting,
- Internal Revenue Service,
- Offshore,
- Operational Accounting,
- Payment,
- Thompson RIA
- Source:
- Thompson RIA
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Overview: Over the past two years, the services has conducted a major investigation into the use by U.S. taxpayers of payment cards issued by financial institutions in tax havens where bank secrecy laws protect the identity of the beneficial owners of the accounts. Some IRS representatives have described the offshore payment card and foreign financial arrangement project as the largest IRS examination initiative since the tax-shelter examinations of the late 1970s and early 1980s. The project will affect millions of high-net-worth taxpayers, and numerous civil examinations and criminal prosecutions will result.
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Format: HTML | Date: Jan 2003 | Pages: 1
