US EditionCross-Border Tax Collection: IRS Tools To Seize Foreign Assets
Summary by Virginia - US TAX TALK
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Cross-Border Tax Collection: IRS Tools To Seize Foreign Assets
The process for IRS to seize foreign assets to satisfy tax debts is not simple. IRS use of the so-called John Doe summons is often a first step to identify possible tax evasion with offshore assets, as noted in the recent case involving Trident Trust. After resolution of the tax matter, the IRS is faced with collection of tax and penalties that are due and it may come as no surprise in many cases that the taxpayer is abroad and not willing to pa…
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