The IRS Commissioner has proposed joint audits of International Companies by the US and the tax agency of the Country in which they are doing business abroad. This is a further extension of the general worldwide opinion that if all country taxing agencies work together they will all benefit by increased tax collection.
This is just the first step of what will most likely follow in a few years (or less) which will be joint country audits of individuals living and working abroad. This means that in the future the IRS and the foreign country taxing agency will institute joint audits of US individuals living and working abroad.
The commissioner also talked about the new rules for 2010 about reporting foreign financial assets. For more click here or on the caption to this article to go to the details of the Commissioner's remarks.
No comments:
Post a Comment