Bloomberg BNA quoted Peter A. Barnes regarding budget constraints on the Internal Revenue Service. In order to address international tax issues without the ability to hire new examiners, the agency will train employees to break out of their traditional specialties and will prepare domestic agents to look into international issues. For the complete article, please click on the link above.
Excerpt taken from the article.
The budget constraints on the IRS are serious concerns, according to Peter Barnes, of Caplin & Drysdale in Washington, D.C., who spoke on a later panel.
Barnes, who also is a senior fellow at the Duke Center for International Development, warned that even as the IRS has lost international examiners, other nations "have doubled and doubled again" the number of international examiners.
"That is the environment in which multinational corporations are facing international audits," he said, and it does not bode well for U.S. multinationals or for the IRS.