IRS Enforcement Efforts Closing $123B Tax Gap: Watchdog

Law360, New York (November 13, 2013, 3:09 PM EST) -- Special enforcement measures taken by the Internal Revenue Service to assess and collect unreported personal income tax on international financial accounts is effectively chipping away at the $123 billion annual tax gap, according to an IRS watchdog report issued Wednesday.

The Treasury Inspector General for Tax Administration found that the IRS finally has a handle on cross-border transactions subject to U.S. taxation after establishing the Austin, Texas-based International Campus Compliance Unit in 2010.

“This program appears to be a step in the right direction,” TIGTA J....
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