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IRS hires "hundreds" for new wealth unit to catch rich tax cheats

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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 12:53 PM
Original message
IRS hires "hundreds" for new wealth unit to catch rich tax cheats
Exclusive: IRS hires "hundreds" for new wealth unit
Kim Dixon
WASHINGTON
Fri Dec 11, 2009 4:25pm EST


WASHINGTON (Reuters) - A new Internal Revenue Service unit set up to catch rich tax cheats hiding their wealth in complex business entities is rapidly taking shape with the hiring of hundreds of employees.

The IRS high wealth unit, part of a broader effort to combat international tax evasion, is focusing on "the entire web of business entities controlled by a high wealth individual," IRS Commissioner Doug Shulman told a tax conference this week.

Another IRS official told Reuters "hundreds" of people have already been hired to staff the new unit, including some from within the agency.

"We have drawn top talent within the IRS that have expertise involving wealthy individuals as well as examination of their related entities," said Mae Lew, an IRS special counsel.

The high-wealth unit is focusing on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals.

While use of sophisticated legal structures can be legal, in other instances they "mask aggressive tax strategies," Shulman said.

Tax authorities in Japan, Germany and the UK have also created similar units.

The U.S. House of Representatives on Thursday approved a $387 million boost for the IRS for the fiscal year that started October 1, in part to fund the high-wealth unit. The Senate is expected to vote on the measure on Sunday.

more...

http://www.reuters.com/article/idUSTRE5BA45320091211
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FreakinDJ Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 12:56 PM
Response to Original message
1. Ooopps - the "Free Ride is Over"
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Political Heretic Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 12:59 PM
Response to Reply #1
2. If you believe that, it explains a lot about why our country is so broken.
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NJmaverick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:23 PM
Response to Reply #2
6. If you believe there are simple answers to complex problems you are mistaken
the idea that this is a step in the right direction, is a good one.
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FreakinDJ Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:23 PM
Response to Reply #2
7. I'm in an upper tier bracket myself
probably not as large as those being targeted but I pay CPAs, CAs, and Accountants to make sure I pay my fair share - no more no less

Even when my 15 year old son wanted a little "part time" DJ business, I filed the business license, paid the proper taxes on income earned, and wrote off the depreciation on $7000 worth of equipment. What is so Fucking Hard about that.

Sure I could use opportunities presented to me to "Hide" dollars (own a home in a foreign country) or "Fluff" write offs - but then I would have to be looking over my shoulder for the next umpteen years
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earthboundmisfit Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:08 PM
Response to Original message
3. Good! It's about time
I'll be paying on a comparatively small IRS debt - due to self-employment tax I didn't figure correctly for - the rest of my life. It will make me feel somewhat better if these rich motherfuckers finally have to pay up.
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NJmaverick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:13 PM
Response to Original message
4. What a change from the past 8 years!
:applause:

That should help our budget deficit, once all those Unamerican right wingers are forced to pay their FAIR share of taxes.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:15 PM
Response to Reply #4
5. I agree! I couldn't imagine in a brazillion years idiot son doing this.
:thumbsup:
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NJmaverick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:26 PM
Response to Reply #5
8. From what I saw he was doing the opposite
he was doing everything he could to remove the teeth of the IRS (at least when it came to dealing with the wealthy)
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FormerDittoHead Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:31 PM
Response to Reply #8
9. Bushco fired a bunch of IRS guys & told the rest to target the middle class.
Maybe not in so few words but I remember that was the effect.
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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 01:45 PM
Response to Original message
10. Good. Wealthy tax cheats are a dime a dozen in the US. Time for them
to be made to pay up.
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NJmaverick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 02:32 PM
Response to Reply #10
11. Yup help reduce that budget deficit they whine about
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Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 02:52 PM
Response to Original message
12. YAY!
They should start by investigating those tax law firms advertising on TV to well off folks trying to screw over the IRS.
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