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Offshore Tax Evasion: IRS Has Collected Billions of Dollars, but May be Missing Continued Evasion.

PB2013107079

Publication Date	2013
Page Count	72
Abstract	Tax evasion by individuals with unreported offshore financial accounts was estimated by one IRS commissioner to be several tens of billions of dollars, but no precise figure exists. IRS has operated four offshore programs since 2003 that offered incentives for taxpayers to disclose their offshore accounts and pay delinquent taxes, interest, and penalties. GAO was asked to review IRS's second offshore program, the 2009 OVDP. This report (1) describes the nature of the noncompliance of 2009 OVDP participants, (2) determines the extent IRS used the 2009 OVDP to prevent noncompliance, and (3) assesses IRSs efforts to detect taxpayers trying to circumvent taxes, interests, and penalties that would otherwise be owed. To address these objectives, GAO analyzed tax return data for all 2009 OVDP participants and exam files for a random sample of cases with penalties over $1 million; interviewed IRS Offshore officials; and developed and implemented a methodology to detect taxpayers circumventing monies owed.
Keywords	Tax evasion Internal Revenue Service(IRS) Delinquency Detection Financial management Methodology Offshore Penalties Taxpayers
Source Agency	General Accounting Office
Corporate Authors	Government Accountability Office, Washington, DC.
Document Type	Technical Report
NTIS Issue Number	201315

Offshore Tax Evasion: IRS Has Collected Billions of Dollars, but May be Missing Continued Evasion.

Offshore Tax Evasion: IRS Has Collected Billions of Dollars, but May be Missing Continued Evasion.
PB2013107079

Publication Date	2013
Page Count	72
Abstract	Tax evasion by individuals with unreported offshore financial accounts was estimated by one IRS commissioner to be several tens of billions of dollars, but no precise figure exists. IRS has operated four offshore programs since 2003 that offered incentives for taxpayers to disclose their offshore accounts and pay delinquent taxes, interest, and penalties. GAO was asked to review IRS's second offshore program, the 2009 OVDP. This report (1) describes the nature of the noncompliance of 2009 OVDP participants, (2) determines the extent IRS used the 2009 OVDP to prevent noncompliance, and (3) assesses IRSs efforts to detect taxpayers trying to circumvent taxes, interests, and penalties that would otherwise be owed. To address these objectives, GAO analyzed tax return data for all 2009 OVDP participants and exam files for a random sample of cases with penalties over $1 million; interviewed IRS Offshore officials; and developed and implemented a methodology to detect taxpayers circumventing monies owed.
Keywords	Tax evasion Internal Revenue Service(IRS) Delinquency Detection Financial management Methodology Offshore Penalties Taxpayers
Source Agency	General Accounting Office
Corporate Authors	Government Accountability Office, Washington, DC.
Document Type	Technical Report
NTIS Issue Number	201315