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The IRS has new tools to uncover that secret overseas account where you stash your money

The agency is combing through last year’s massive Panama Papers and mining data handed over by banks in Switzerland and other well-known tax havens to find tax evaders, reports the Wall Street Journal. As a result of this effort, it’s pursuing 100 criminal cases and 14,000 potential civil cases. And the courts have gotten tougher with scofflaws, sentencing at least seven people to prison, compared to previous years when offenders were ordered to pay financial penalties but usually avoided jail time.

Read the full story here.


[Photo: wingedwolf/iStock]MB