IRS seeks accountants in fight against tax evasion
USA’s IRS is seeking help from the world’s biggest accountants to widen its campaign against tax evaders
USA’s IRS is seeking help from the world’s biggest accountants to widen its campaign against tax evaders
USA’s Internal Revenue Service (IRA) has booked a conference call for
Tuesday, with accountants such as
Ernst & Young
and
PricewaterhouseCoopers,
to discuss ways their auditing departments can help clamp down on tax evasion by
US citizens.
The US government believes tax evaders are costing the country hundreds of
millions of dollars a year in lost revenues, The Times reports.
‘We are concerned generally by what we are seeing and hearing’ how some
foreign banks are behaving when it comes to their customers’ payment of US
taxes, an email said from Barry Shott, a deputy IRS commissioner in charge of
international taxes, to the six big accountancy firms.
Next week’s conference call is also thought to include Deloitte &
Touche, Grant Thornton, KPMG and BDO Seidman and will centre on how the auditors
can help the US government to make its ongoing ‘Qualified Intermediary’
programme more effective which enables foreign banks operating in the US to
release the names and details of customers in return for lenient treatment on
their taxes.
Further reading:
Swiss govt concern over US tax evasion probe
US ramps up tax purge beyond UBS
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article