Lie Down With Dogs . . . And you'll end up with some mighty hefty fees.
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Think the idea of an offshore tax-shelter deal is intriguing?Think again. The IRS is cracking down on tax-evasion operations itconsiders illegal, putting promoters out of business and penalizingpeople lured in by their schemes.
The service is trying to do a better job collecting the hundredsof millions of dollars in revenue it loses each year due to suchillegal operations. "The IRS is targeting small to midsizedinvestors and business owners because it realizes that manyindividuals are trying to evade taxes [this way]," says PaulGada, a tax analyst with CCH Business Owners Toolkit, a division ofRiverwoods, Illinois-based tax and business law informationprovider CCH Inc.
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