Have you heard the news? The I.R.S. is coming to get you! Actually, the news reports concern a new I.R.S. unit which is designed to catch wealthy tax cheats who engage in income tax evasion by hiding unreported income in complex corporate entities around the world.
Not only is the Internal Revenue Service reportedly hiring hundreds of new employees for this new unit, but also is opening offices around the world in places such as Beijing, Panama City, and Sydney. We truly have become a global economy, so a global approach is necessary.
It will be interesting to see how much success this new I.R.S. unit will have in the next few years. This new approach by the I.R.S. to focus on high-rolling international tax cheats may be their best move in years! And as long as the I.R.S. is focused on the international high rollers, then maybe at least they won't be raiding the homes of ordinary citizens and seizing their children's piggy banks! (Of course, I am only teasing! As a former federal prosecutor, I know that none of my I.R.S. agent friends would ever do that!)