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Tax Analysts Tax Notes reports that the IRS Small Business/Self-Employed Division's special enforcement program will soon begin examining U.S. taxpayers suspected of holding undeclared accounts in Indian banks.
Tax Analysts Tax Notes reports that the IRS Small
Business/Self-Employed Division's special enforcement program
(SEP) will soon begin examining U.S. taxpayers suspected of holding
undeclared accounts in Indian banks. An IRS official announced on
November 9, 2013, that the SEP team is preparing for the next phase
of the IRS's offshore compliance crackdown. After receiving
account information from Indian banks, the IRS has about 100 Indian
bank account cases that it is sending out for examination across
the country, with 30-40 of those being in the Bay Area of Northern
California. The crackdown will start as early as the week of
November 11, 2013. The IRS announcement did not include any
information on the progress of criminal enforcement
efforts against Indian Americans.
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