Congress is moving swiftly to enact legislation suggested by President Obama that would crack down on American taxpayers offshore transactions:
Senate Finance Committee Chairman Max Baucus is in the process of finalizing legislation which would increase the Internal Revenue Service’s powers to scrutinize transactions involving offshore entities.
According to Baucus, the legislation, which seeks to amend the US tax code to “improve tax compliance with respect to offshore transactions” will achieve three goals: to “detect, deter and discourage offshore tax evasion.”
Read the whole story from TaxNews.com.
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