Frost & Associates, LLC
Call Today 202-618-1873

IRS announces International Tax Enforcement Group initiative

The fact that the Internal Revenue Service (IRS) is cracking down on offshore accounts and foreign tax compliance issues is not a new one. Media outlets have been covering this story for months. However, the agency recently took a big step that will push these efforts to the next level.

What was the big step? The agency recently stated that it will move forward with a new criminal investigation group that will specialize in international tax issues. The Criminal Investigation Division (CID) of the IRS clarified, noting the group will focus on enforcement of international tax issues.

The group is named the International Tax Enforcement Group. It is comprised of special agents that will use data analytics to review information about United States taxpayers and offshore holdings. 

Why could this step take the agency’s efforts to the “next level?” Part of the group’s job will involve sorting through the data the IRS already has in its possession. Data gathered from the Offshore Voluntary Compliance Program, Panama Papers and Swiss Banking Program to name a few. These agents will be tasked with sorting through this information to determine whether or not compliance issues are present that require a more thorough follow up.

The agency is currently short staffed. As such, a group of experienced and trained agents that can get through this material in a timely manner could increase the likelihood that any taxpayers who are not in compliance will get caught.

What does it mean for taxpayers with accounts overseas? Anyone with foreign assets can take this latest initiative as another sign of the continued attempts by the IRS to come after those who are not in compliance with tax obligations.

If you have interest in foreign assets it is wise to seek legal counsel. An experienced international tax attorney can review your overseas accounts and discuss the various options that are available for compliance.

No Comments

Leave a comment
Comment Information
Every Tax Problem Has A Solution

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact us today!

Frost & Associates, Attorneys at Law
1629 K Street NW, Suite 300
Washington, D.C. 20006

Phone: 202-618-1873
Phone: 202-505-6959
Fax: 888-235-8405
Washington Law Office Map

Columbia Office
10440 Little Patuxent Parkway, Suite 300
Columbia, MD 21044

Phone: 202-618-1873
Phone: 202-505-6959
Fax: 888-235-8405
Columbia Law Office Map

Annapolis Office
888 Bestgate Road
Suite 400
Annapolis, MD 21401

Phone: 202-618-1873
Phone: 202-505-6959
Fax: 888-235-8405
Map & Directions

Fairfax Office
8280 Willow Oaks Corporate Drive
Suite 600
Fairfax, VA 22031

Phone: 202-618-1873
Phone: 240-599-5009
Phone: 202-505-6959
Fax: 888-235-8405
Map & Directions

Rockville Office
199 E. Montgomery Avenue
Suite 100
Rockville, MD 20850

Phone: 202-618-1873
Phone: 703-621-7169
Phone: 202-505-6959
Fax: 888-235-8405
Map & Directions

Google+
Find us on...
  • Facebook
  • Twitter
  • Linked In