US taxman builds elite team to tackle Swiss evasion

A crack team of tax specialists will be assembled by the US Internal Revenue
Service (IRS) as it prepares to sift through about 10,000 new cases of potential
tax evasion.

The IRS is recruiting auditors for an elite division, tasked with sorting
through the 4450 accounts who held money in Swiss bank accounts, Bloomberg
reported.

The new team will include experts in tax evasion with experience of
international treaties and overseas banking requirements.

A deal struck between investment bank UBS and the IRS last month will result
in the details of 4450 accounts being handed to the US taxman and is expected to
yield 10,000 new cases.

The IRS is looking to centralise its tax fraud operations as a means to clamp
down on the practice whereby the super-rich take advantage of off shore bank
accounts.

An IRS spokesman said the new group is part of an ongoing effort to align
resources with long-term enforcement strategy.

`The new group will focus on examinations involving webs of entities and
arrangements controlled by the high wealth taxpayer segment.’

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story:
IRS Corporate Audit Division Will Examine UBS Tax Evasion Cases

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