New powers and additional funding are to be given to the US Internal Revenue
Service so that it will be better equipped to fight tax cheats.
Lawmakers from the Republicans and Democrats were both eager to expand the
IRS’s armoury, the Wall Street Journal reports.
The IRS faces congressional pressure to narrow the nation’s $290bn (£148bn)
annual tax gap and politicians are eager to squeeze money out of those who
should be paying more rather than raising taxes in an election year.
One new power on the cards will require brokers and traders to declare the
prices investors pay for securities. It is hoped that this policy will enhance
capital gains tax compliance.
The IRS has recently focused its efforts on people earning $100,000 or more.
The revenue authority has seen the number of audits in the million-dollar plus
group climb 84% in 2007 from the prior year.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals