The U.S. Justice Department has lost almost 30 percent of its tax prosecutors in the past month, slowing a U.S. crackdown on offshore banks that enabled tax evasion, according to four people familiar with the matter.
In usual fashion, I could not help but comment on the Bloomberg story. Here is what I wrote…
Interesting story. Thanks David. Maybe they went into private practice where they can make more money advising those that they were pursuing?? The private sector pays better, so that would be a rationale decision. Just like the special forces leave the Marines to get jobs working for Private Security Contractors!
Another aspect might be, that a significant portion of 30,000 that entered the IRS VD programs that supposedly avoided criminal prosecution were Minnows and not the Whales the IRS was targeting. Maybe the insights they are gaining for new prosecutions of Whales or Banks are not as fruitful as they thought? No one in the media is yet asking for any statistical analysis of who the IRS is netting. Everyone just accepts their declarations of success.
I have a laundry list of questions I would like answered, but if I were only allowed to ask three, these would be them…
1. What is the Minnow to Whale ratio in your voluntary programs?
2. Of revenues collected, what is new taxes and what is the FBAR or “in lieu of” penalties?
3. How many of those that joined came from offshore addresses and not the Homeland for which these programs were designed?
Maybe you could ask these next time you get a chance to interview those at the IRS in charge of their programs. Thanks