Feeble audit procedures are allowing tax cheats to evade billions of dollars in U.S. tax liabilities each year by hiding funds in offshore accounts, government investigators told Congress.
"Offshore tax evasion has become a large and growing element of the tax gap, and the IRS is increasingly outgunned in its effort to enforce tax rules in the international economy," Senate Finance Committee chair Max Baucus, D-Mont., said at the kickoff of hearings on Capitol Hill into the problem.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access