Monaco Vows To Help IRS Nab Tax Dodgers

Law360, New York (September 9, 2009, 2:15 PM EDT) -- The Obama administration has gained a significant ally in its campaign to close the tax gap, entering into an agreement with the principality of Monaco that clamps down on offshore accounts used by U.S. citizens to evade federal taxes.

The U.S. Department of the Treasury announced that the U.S. and Monaco signed a tax information exchange agreement Tuesday to enforce U.S. tax law that grants the Internal Revenue Service access to information held by banks and other financial institutions in the small Mediterranean city-state, long known...
To view the full article, register now.