IRS Focusing on High Income Taxpayers and Their Offshore Transactions

August 11, 2023  |  The Insider: White Collar Defense and Securities Enforcement

In a July 14 release touting improved customer service as a result of the additional funding provided in the Inflation Reduction Act, the IRS described its enforcement efforts with respect to high-income taxpayers. In his blog post for The Insider: White Collar Defense and Securities Enforcement hosted by Forbes entitled, "IRS Focusing on High Income Taxpayers and Their Offshore Transactions,” Jeremy Temkin explores the agency’s recent focus on taxpayers who took advantage of either the tax benefits available to bona fide residents of Puerto Rico or an apparent loophole in the Malta-U.S. Tax Treaty and the potential for criminal prosecutions.

IRS Focusing On High Income Taxpayers And Their Offshore Transactions