The IRS is working out revised rules for its Qualified Intermediary program, which allows the U.S government to keep track of American money abroad.
As Senior IRS lawyer said the US was working in tandem with other high-tax Governments to round up tax evaders with accounts in offshore tax havens.
“We are concerned about U.S. people hiding their assets and
not reporting their correct worldwide income,” said Steven Musher,
IRS associate chief counsel for international issues.
A date was not given for the release of the revised QI rules, but Musher suggested they may not be overly oppressive in order to allow banks some legroom, “We are
trying to achieve the balance between increasing the
reliability and quality of documentation to serve these various
competing purposes,” he said.
The IRS is keeping quiet on its latest action against UBS, with senior UBS officer Mark Branson to face a U.S. Senate Permanent Subcommittee today.
Swiss offshore banking could the one to face the brunt of the tax haven crackdown with politicians unlikely to remain aloof from the media and public opinion.