You can expect the U.S. government’s crackdown on tax evasion to continue in 2016, according to a report by Baker & Hostetler. “Financial institutions, bankers, professional advisers, and taxpayers need to understand that stepped-up global tax enforcement has made the financial world smaller and more transparent,” according to the firm. Here are some key issues to look out for in the new year:
• John Doe Summonses: In recent years, the Internal Revenue Service has greatly increased its use of so-called John Doe summonses, which allow the IRS to seek information from banks on an entire class of account holders. These summonses “are highly effective at producing evidence,” according to the report, and “courts have been seemingly eager to authorize their issuance.” The firm predicts that use of the summonses will “continue and even increase.”
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