BNA Quotes Scott Michel: Will Trump Keep Spotlight on Multinationals' Tax Compliance?
The incoming Trump administration is likely to continue a crackdown on tax cheats in coming months, though the vigorous hunt for misbehavior by U.S. multinationals could ease. That issue is a huge one for dozens of companies with business overseas that have been under the intense scrutiny of the Internal Revenue Service and the Treasury Department for the past eight years.
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Even if the administration eventually calls for a shift in enforcement, it is going to take time, said Scott D. Michel, a member of Caplin & Drysdale, Chartered who has done extensive work with overseas financial institutions caught in the U.S. hunt for noncompliance.
Michel said he expects IRS agents to conduct audits and other types of compliance activity “in the usual comprehensive and sometimes aggressive manner, barring a further decline in resources or some massive restructuring. If it turns out the administration wants to change the IRS's enforcement priorities, it will take a couple of years to shift,” he said.
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Excerpt taken from the article "Will Trump Keep Spotlight on Multinationals’ Tax Compliance?" by Alison Bennett for Bloomberg BNA.