Ah the United States, home to a universal healthcare system and high capital gains rates. The US is a copy-cat though, there is an original purveyor of such a system, our brothers and sisters in the Great White North; Canada. A land where it ACTUALLY snows two feet when they say it will, where healthcare is free and capital gains are taxed at 50% (which is why Warren Buffet is a red blooded American).
Tax Audits: Incredibly scary to a taxpayer, the bread and butter of tax lawyers. I am not ashamed to say it, audits are good for business, my business. However the recently announced estimate by IRS Commissioner John Koskinen of 1 Million audits for this year, is not good, not for me and not for the taxpayer.
The IRS flexed more of its global dominance today, announcing the opening of the International Data Exchange Service, or IDES. Financial institutions worldwide will now utilize this system to send information reports on their US clients as per the FATCA agreements.