IRS to Improve International Tax Administration
Lawyer News
The Internal Revenue Service intends to improve international tax administration in an effort to reduce the tax gap.
As part of that effort, the IRS said it would increase its outreach to international taxpayers, as well as taxpayers in U.S. territories such as Guam, Puerto Rico and the U.S. Virgin Islands, while it beefs up enforcement. "We are challenged by a lack of information reporting on many cross-border transactions," said the IRS in a page recently posted on its Web site.
The IRS intends to strengthen its information reporting and withholding systems, enhance its access to international data, and "ensure adherence to professional standards by tax professionals."
The IRS also wants to improve its cooperation with treaty partners to identify inappropriate tax arbitrage and abusive schemes, and provide greater transparency on cross-border transactions. One goal is to detect financial criminal activity involving offshore entities.
Modernization of technology, staff and business processes will play a role in the effort. The IRS hopes to improve its systems for capturing and using information reported by treaty partners to improve U.S. taxpayer compliance.
The agency intends to identify the workforce skills it needs to address emerging international issues and develop training for its employees so they can get these skills. The IRS will also improve its forms and processing systems, and assess its referral systems and resources to make sure that high-risk issues are dealt with in a timely way.
Related listings
-
Small Firms Flock to IRS E-Filing
Lawyer News 10/26/2007[##_1L|1025331367.jpg|width="128" height="81" alt=""|_##]The more than 42,000 large corporations that have already "e-filed" this year exceeds the approximately 22,000 that were required to file by the Sept. 17 deadline. Small businesses have no elec...
-
IRS Wants Poker Tournament Winnings
Lawyer News 10/24/2007[##_1L|1162593824.jpg|width="128" height="81" alt=""|_##]The Internal Revenue Service reiterated its demand for casinos and other poker tournament sponsors to begin reporting winnings of more than $5,000 after March 4, 2008. The IRS and the Treasury ...
-
Ex-Gov. Kirk settles IRS back-taxes suit
Lawyer News 10/24/2007[##_1L|1050251418.jpg|width="130" height="130" alt=""|_##]Months after protesting that he was a political whipping boy for the IRS, former Gov. Claude Kirk has agreed to settle his dispute with the federal government over $320,000 in unpaid taxes. In...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.