The Internal Revenue Service on Wednesday said it would rebrand its big business unit, adding the word “international” to reflect a renewed focus on companies that stash money abroad to avoid taxes.
The IRS said it is renaming its Large and Mid-Sized Business unit to be called the Large Business and International division.
The unit will consolidate existing international efforts and be in charge of implementing a recently enacted law requiring foreign banks to disclose the names of U.S. clients or be subject to a new tax.
“Executing our international strategy is a top priority, and our work continues to intensify in this area,” IRS Commissioner Doug Shulman said.
The international section will have nearly 1,500 employees, amid the larger division of about 6,000 staffers. Of the 1,500, about 400 workers are focused solely on wealthy individuals and 875 work on corporate compliance.
The IRS has been stepping up its efforts against international tax evasion for about a year. Last year, Swiss banking giant UBS AG agreed to settle charges it actively helped U.S. clients evade taxes, in a $780 million settlement.
The same group of taxpayers will be overseen by the unit — companies and partnerships with assets of greater than $10 million, and some wealthy individuals.
(Reporting by Kim Dixon; Editing by Dan Grebler)