Lie Down With Dogs . . .
And you'll end up with some mighty hefty fees.
Think the idea of an offshore tax-shelter deal is intriguing? Think again. The IRS is cracking down on tax-evasion operations it considers illegal, putting promoters out of business and penalizing people lured in by their schemes.
The service is trying to do a better job collecting the hundreds of millions of dollars in revenue it loses each year due to such illegal operations. "The IRS is targeting small to midsized investors and business owners because it realizes that many individuals are trying to evade taxes [this way]," says Paul Gada, a tax analyst with CCH Business Owners Toolkit, a division of Riverwoods, Illinois-based tax and business law information provider CCH Inc.
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