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Monday, December 14, 2009

New IRS Unit to Target Tax Shelters


“A new Internal Revenue Service unit set up to catch rich tax cheats hiding their wealth in complex business entities is rapidly taking shape with the hiring of hundreds of employees ..The high-wealth unit is focusing on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals.” (Reuters, Friday)

Key word is “controlled”. I wonder if the IRS will care to define what that means.

FEE Timely Classic:
The IRS Now and Forever” by James Bovard