Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

IRS Launches New Global Program to Target ‘High Wealth Individuals'
CNS NEWS.com ^ | April 6, 2010 | Penny Starr

Posted on 04/06/2010 2:37:39 AM PDT by Cindy

Note Video included at article link.

SNIPPET: "(CNSNews.com) - The Internal Revenue Service has launched a new global program to target what it calls “high wealth individuals,” IRS Commissioner Douglas Shulman said Monday.

“Through our new global high wealth operating unit we are taking a unified look at the entire web of business and economic entities controlled by high wealth individuals so we can better assess the risk such arrangements pose to tax compliance,” Shulman said at the National Press Club on Monday.

Shulman said the IRS is using “our robust and evolving enforcement program that ensures that everyone pays what they owe.”

The IRS initiated its Global High Wealth Industry group in the fall."

SNIPPET: "“Over the past few months, we have begun hiring some agents and specialists, such as flow-through specialists and international examiners, to conduct examinations of high wealth individuals and their related enterprises,” Shulman said.

“In due course, we will grow the new unit by adding examination agents and individuals with specialized skills and expertise, such as economists to identify economic trends, appraisal experts to advise on valuation issues, and technical advisors to provide industry or specialized tax expertise,” Shulman said. “We will also build new risk assessment techniques to identify high income and high wealth individuals and their related enterprises that should be reviewed holistically.”"

(Excerpt) Read more at cnsnews.com ...


TOPICS: Culture/Society; Extended News; Government; Politics/Elections
KEYWORDS: agenda; aicpa; arra; bho44; bhoirs; bloodsuckingbastids; bottomfeeders; democrats; douglasshulman; economy; examinationagent; fascism; fifth100days; globaleconomy; highwealth; highwealthindividual; impeachobama; international; investment; investments; irs; irscommissioner; obama; obamaeconomy; oecd; richpeople; shulman; socialism; tax; taxes
Navigation: use the links below to view more comments.
first previous 1-2021-40 last
To: Post5203

Anybody think they’ll start with George Soros?


21 posted on 04/06/2010 3:25:36 AM PDT by chilltherats (First, kill all the lawyers (now that they ARE the tyrants).......)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Cindy

Wrong message, wrong action, wrong headedness and showing a lack of experience and NO BRAINS...criminal intent......impeach


22 posted on 04/06/2010 3:26:52 AM PDT by The Wizard (I support Madam President, the only President in America today)
[ Post Reply | Private Reply | To 1 | View Replies]

To: sergeantdave
Two populations - one for slavery and the other embracing freedom - cannot and will not live together.

I agree totally.

We have reached a point in time when there is too large a gap between people who believe in freedom and those ready to give up freedom one step at a time.

Winning back Congress will not make the lackeys go away. What will be done with them? They won't be killed, imprisoned or kicked out of the country. We will still have two countries comprised of people with different mindsets.

When will the tipping point be reached?
23 posted on 04/06/2010 3:26:56 AM PDT by Misplaced Texan (July 4, 2009 - the first day of the 2nd Revolution!)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Cindy

America is now officially a Kleptocracy.


24 posted on 04/06/2010 3:33:43 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy
"For a variety of reasons – including valid business reasons – many high wealth individuals make use of sophisticated financial, business, and investment arrangements with complicated legal structures and tax consequences,” Shulman said. “Many of these arrangements are entirely above board. Others mask aggressive tax strategies.

Damn right about "aggressive tax strategies"...ya bastid.
The IRS - You're guilty until we say you're innocent...and we never say You're innocent!
25 posted on 04/06/2010 3:38:11 AM PDT by Tainan (Cogito, ergo conservatus)
[ Post Reply | Private Reply | To 1 | View Replies]

To: sergeantdave
We’re heading for a national break-up and it may not be pretty.

Divorces are granted on the grounds of irreconcilable differences. We are at that point. This divorce will not be pretty.
26 posted on 04/06/2010 3:44:42 AM PDT by Canedawg (I'm not diggin' this tyranny thing.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Cindy

From Wiki:

Douglas H. Shulman is the Commissioner of Internal Revenue. His nomination was confirmed by the full U.S. Senate on March 14, 2008[1] and he was sworn in on March 24, 2008.[2] He formerly served as vice chairman of the Financial Industry Regulatory Authority (FINRA) (successor to NASD) and sat on the board at the Depository Trust & Clearing Corporation (DTCC).[3]

Shulman came to NASD in 2000. He directed NASD’s efforts to restructure itself as solely a regulator and spin-off its market subsidiaries. He led the negotiations that resulted in the sale of both the NASDAQ Stock Market and the American Stock Exchange. He also oversaw NASD’s efforts to become active in the fixed income markets by launching the Trade Reporting and Compliance Engine (TRACE), NASD’s real-time corporate bond market regulatory and information system. Another main area of focus was heading the successful effort by NASD to modernize its technology systems.

Before joining NASD, Shulman co-founded and served as Executive Vice President of FoundryOne, Inc., a company focused on building and spinning off technology-focused startups within major corporations. Previously, Shulman was Vice President of Darby Overseas Investments, Ltd. and served as a senior policy advisor and as Chief of Staff for the National Commission on Restructuring the Internal Revenue Service.[4] Shulman began his career as a consultant at A.T. Kearney in New York City.

Shulman holds a Bachelor of Arts degree from Williams College, a Master of Public Administration degree from Harvard University’s John F. Kennedy School of Government, and a Juris Doctor degree (magna cum laude) from Georgetown University Law Center. He graduated from Oakwood High School in 1985. His parents, Jeff and Celia Shulman, live in Oakwood, Ohio (in the Greater Dayton Area).[5]

In January 2010 in an interview with C-SPAN, Commissioner Shulman stated, “I use a preparer...I’ve used one for years. I find it convenient. I find the tax code complex, so I use a preparer.”

Wonder what happened to this guy along the way?


27 posted on 04/06/2010 3:55:59 AM PDT by Natural Born 54 (FUBO x 10)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Natural Born 54

If I had to answer my own question, I’d say it was the NASD experience. He got a taste of bureaucratic power and found it to his liking. NASD is a worthless organization, btw.


28 posted on 04/06/2010 3:59:30 AM PDT by Natural Born 54 (FUBO x 10)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Cindy

Except for people like Turbo Tax Timmy Geithner and others in the Politburo.


29 posted on 04/06/2010 4:00:20 AM PDT by caver (Obama: Home of the Whopper)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Misplaced Texan

“When will the tipping point be reached?”

Those for freedom and those embracing slavery have one area of agreement - we can’t stand each other. We can build on that and perhaps agree to an amiable divorce. The first step would be a meeting of states to lay the groundwork for a seccession amendment at a future constitutional convention. The federal government has clearly broken the contract set up by the states to govern according to the constitution. There is no referee that can mediate this. We either agree to settle this matter peaceably or face the alternative.


30 posted on 04/06/2010 4:28:07 AM PDT by sergeantdave
[ Post Reply | Private Reply | To 23 | View Replies]

To: Cindy

They are going for Oprah and they are racists


31 posted on 04/06/2010 4:29:02 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy
I have an idea! Let's take all this IRS sound and fury and direct it at finding and punishing waste, fraud and abuse in the trillion plus dollars of spending we do year after year. No matter how much increased enforcement by their people will up the money being collected by Treasury, it pales into insignificance when compared to how much we piss away every day.

When you're resources are limited your best bet is to target them where they will get the most done. In 21st century America that's not the hard-working, honest taxpayer. Or even the tax cheat. It's the huge amount of money that we spend and lose through pure waste, outright fraud and abuse at every level.

A year spent tracking VERY carefully EVERY penny we dole out for any purpose would be much more profitable than hounding taxpayers.

Maybe I'm wrong. We can find out. Launch a determined effort by all these people already in government employ and skilled in financial matters to find the waste, fraud and abuse. Just the knowledge that someone is paying attention for the first time in decades would probably make a lot of the abusers see the light!

32 posted on 04/06/2010 4:51:04 AM PDT by jwparkerjr
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy

[Shulman said the IRS is using “our robust and evolving enforcement program that ensures that everyone pays what they owe.”
]

Are the investigating the U.S. Senate and House of Representatives?


33 posted on 04/06/2010 6:03:15 AM PDT by KansasGirl
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy; All

These "high wealth" folks traditionally give campaign
donations
equally to BOTH sides, to hedge their bets.

If they're as smart as we hope, that is no more ...

34 posted on 04/06/2010 6:09:22 AM PDT by BP2 (I think, therefore I'm a conservative)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy

If the Democrats focus on shaking down the truly rich in the country, without regard to their political affilation (a big if!) they will be raping their own power structure. The truly wealthy are progressive globalists and are generally legally, socially and morally corrupt to the core.
Hollywierd, move to the front of the line.


35 posted on 04/06/2010 7:05:02 AM PDT by SaraJohnson
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy
Redistribution is Theft III, medium

36 posted on 04/06/2010 7:06:40 AM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SaraJohnson

“If the Democrats focus on shaking down the truly rich in the country,...”

Not a chance in the world. They WILL be shaking down you and I long before their major contributors ....which is exactly what this is all about...”inspiring” contributions...


37 posted on 04/06/2010 7:11:38 AM PDT by mo
[ Post Reply | Private Reply | To 35 | View Replies]

To: Cindy

No good will come of this.


38 posted on 04/06/2010 7:49:08 AM PDT by texmexis best
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy

Hint to IRS - there are 535 “high wealth individuals”, at least, right under your nose.

Waiting for the sound of subpoenas being served......

Waiting......

Still waiting......


39 posted on 04/06/2010 8:31:22 AM PDT by NTHockey (Rules of engagement #1: Take no prisoners)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cindy

Silly me...I thought the “I”, in IRS, stood for “Internal”...silly wabbit.


40 posted on 04/06/2010 8:32:08 PM PDT by FrankR (Those of us who love AMERICA far outnumber those who love obama - your choice.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-40 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson