Tax Law
IRS and Foreign Countries May Jointly Audit Some Corporations
After collecting millions of dollars in unpaid taxes from Americans with secret bank accounts in Switzerland and Liechtenstein, the Internal Revenue Service is expanding its overseas enforcement efforts.
The tax agency is working with its counterparts in other countries to develop a plan for conducting joint audits of multinational corporations, reports Bloomberg.
“We are in the very early stages of looking at these protocols,” said IRS Commissioner Douglas Shulman at a Washington, D.C., conference co-sponsored by his agency and George Washington University.
