Obama Targets Foreign Tax Havens

Should we take it seriously this time?

Annette Nellen

Annette Nellen, CPA/Esq., in this week's AICPA Corporate Tax Insider, reports President Obama’s budget proposal has many wondering what a “robust portfolio of IRS international tax compliance initiatives” means for international tax reform.

She says:

Tax haven concerns date back over 50 years and discussions of modernizing US international tax rules date back to the 1990s.

The tax committees and Treasury should hold an international tax reform summit, appoint a task force of experts to derive a comprehensive business/international tax reform package of changes and then move to implement it during the 111th Congress. The federal budget, the economy and US business interests will suffer from continued delays in not moving all of the background information collected in the past many years to action.

Full story here. Will it really happen? Tell me in Comments...