Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, says that the UBS prosecutions are just the beginning of the IRS’s crackdown on foreign tax evasion.
Here’s the report from TaxNews.com:
The two senior members of the tax-writing Finance Committee of the US Senate have warned that the recent settlement between the Internal Revenue Service and UBS, which requires the Swiss bank to hand over details of almost 4,500 US clients, is just the start of a much more aggressive crackdown against offshore banking and privacy.
Commenting on the August 20 agreement, Finance Committee Chairman Max Baucus said that the settlement represents an “important step in the fight against offshore tax fraud” but he indicated that the “fight is far from over.”
“We do not know whether the UBS scams represent the iceberg or the tip of the iceberg and I am eager to find out more about this issue,” he said. “I look forward to examining the details of this settlement and will continue working with the IRS to provide them the tools it needs to combat and prevent such abuses.”
Baucus has drafted a bill that, if passed, would give the IRS more power to combat offshore tax fraud:
In March, Baucus issued a preliminary staff draft of proposals that would give the IRS better tools to “detect, deter and discourage” offshore tax evasion.
The Baucus bill would require entities transferring funds offshore (other than on behalf of publicly traded companies) to report to the IRS the amount, destination and account information of funds transferred. He expects to move this legislation in the coming months.
Related Posts:
- UBS Settlement: The DOJ Press Release
- UBS Taxpayer Disclosure Update
- Tax Crimes: UBS Investor Criminal Tax Cases Under Way
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