Monday, June 7, 2004

The IRS announced today that its partnership with the states already has borne fruit in the war against tax shelters. Here’s the opening of the announcement:

The Internal Revenue Service announced today it has seen promising early results from a partnership with the states to target abusive tax avoidance schemes.
So far, the IRS and states have uncovered tens of millions of dollars in previously unidentified abusive transactions during the early stages of the program.
“We are pleased with the initial progress on this partnership,” said IRS Commissioner Mark W. Everson. “We’ve already shared 28,000 leads with the states. We’re going to build on this effort to pursue cheaters and expand the program to attack money laundering.”

For the full text of Information Release 2004-77, see here. For more IRS tax shelter news, see here.