Scott Michel is Quoted on U.S. Efforts to Combat Offshore Tax Evaders

Scott D. Michel talks with Dow Jones reporter Brent Kendall concerning the Internal Revenue Service's search for bank records of U.S. taxpayers suspected of hiding accounts at Canadian Imperial Bank of Commerce's FirstCaribbean International Bank, opening up a new front in U.S. efforts to combat offshore tax evasion.  To get the full story, please go to Fox Business' website.

Excerpt taken from the article.

Scott Michel, a lawyer with Caplin & Drysdale in Washington, said the new summons is a "textbook example" of how the IRS has gathered data from its limited-amnesty program for taxpayers  confessing their secret accounts. As a condition of entry in to the program, which protects taxpayers from criminal prosecution, people have to provide the agency with detailed information about how their secret accounts were set up and maintained. The IRS then uses that information to build new cases. "I expect we will see many more of these in coming months, aimed at a variety of banks around their world and their U.S. customers," said Mr. Michel.