New IRS Team Will Target Wealthy Taxpayers

The Internal Revenue Service has set up a special team that will focus on wealthy Americans, and the complex arrangements set up to hide their money. IRS Commissioner Doug Shulman says the new global wealth unit is part of a broader effort to fight tax evasion by wealthy Americans who move their money abroad.

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RENEE MONTAGNE, host:

NPR's business news starts with a new crackdown on wealthy taxpayers.

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MONTAGNE: The Internal Revenue Service has set up a special team that will focus on wealthy Americans and the complex arrangements set up to hide their wealth. IRS Commissioner Doug Shulman spoke yesterday about the new unit. He said it was set up a few months ago as part of a broader effort to fight tax evasion by wealthy Americans who moved their money abroad.

European banks have come under scrutiny recently, and so the new IRS team will focus on funds flowing from Europe and into Asia.

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