For an American in Paris or a Melanesian microchip maker in Minneapolis, the message from the Internal Revenue Service is the same: pay up! The IRS announced a crackdown on American tax evaders living abroad and foreign-owned companies that are operating in the U.S. The Government says that it loses $2.3 billion a year because 61% of the 1.8 million Americans living abroad do not file returns. And an IRS survey of 12,000 foreign-owned U.S. corporations showed that up to 80% pay little or no tax.
The Government will soon have some new weapons to use against cross-border tax cheating. Starting...
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