Will the IRS be assisting the Justice Department to prosecute U.S. citizens who have lived abroad most (if not all) of their lives?
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The on-going focus of of the government, including the purported “Billions in Hidden Offshore Accounts” by the Permanent Subcommittee on Investigations, begs the questions, where are these billions of assets by U.S. taxpayers?
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Will this be the premiss used by the IRS and Justice Department to try to prosecute U.S. citizens residing overseas?
Law abiding U.S. citizens who have spent most (if not all) of their lives overseas are put in an untenable position vis–à–vis the U.S. federal government regarding U.S. tax and tax filing obligations.
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See what the government has to say
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Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts
The Treasury Inspector General wrote the following in a 2009 report (of which none of these numbers have seriously been questioned, supported or analyzed) – – titled
Synopsis
The IRS estimated that the entire tax gap for Tax Year 2001 was $345 billion. However, the IRS has not developed an estimate for the international tax gap. Non-IRS estimates of the international tax gap range from $40 billion to $123 billion. While there might be overlap between the IRS tax gap estimate and the international tax gap, it is doubtful that the $345 billion estimate includes the entire international tax gap.
The primary reason for this conclusion is that identifying hidden income within international activity is very difficult and time–consuming.[4] Furthermore, the IRS did not measure for the international tax gap component in the Individual National Research Project (NRP) estimate for the Tax Year 2001 tax gap. Therefore, it is unlikely that hidden offshore income is comprehensively included in the IRS tax gap estimates. In fact, the IRS’s Research, Analysis and Statistics (RAS) organization reasoned that because of cost, staffing, and technical limitations, an NRP type of direct measurement is unfeasible. However, in an attempt to learn more, the IRS has other initiatives underway.
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