The IRS recently kicked off three initiatives in an attempt to reduce tax evasion by uncovering undisclosed offshore accounts. According to Tax Notes, the initiatives have already proven successful as the IRS has sent John Doe summonses to several electronic payment processors including PayPal.
See, Sam Young, International Initiatives Are Intended to Uncover Undisclosed Offshore Accounts, 2010 TNT 163-2 (August 23, 2010).
Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal.
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