As I have previously discussed, the IRS is putting large amounts of time, energy, and resources into catching tax evaders who are using offshore accounts to shield assets. The IRS has again shown its dedication through a recently approved John Doe summons that requires account handlers, such as FedEx, DHL, and UPS, to turn over information on all U.S. taxpayers that used Sovereign Management & Legal Ltd. services for offshore accounts between 2005 and 2013. The IRS became aware that Sovereign may be assisting taxpayers to shield assets through a DEA narcotics investigation.
See Robert W. Wood, IRS Issues John Doe Summons to FedEx, DHL, UPS, HSBC in Massive Offshore Account Hunt, Forbes, Dec. 20, 2014.
