TAX NEWS

IRS would get 5,100 new agents under new Obama budget

Feb 14, 2011

WASHINGTON (Reuters) - The Internal Revenue Service would get an additional 5,100 agents under President Barack Obama's increased budget request..

Obama's 2012 budget proposal, released on Monday, calls for a $1.13 billion, or 9.4 percent, funding increase for the IRS for fiscal 2012, to $13.28 billion for fiscal 2012.

Adding the extra agents would amount to about a 5 percent increase in manpower to 100,537.

The request includes a $460 million increase for tax enforcement programs such as those targeting offshore tax evasion, over 2010 levels.

Treasury Department officials said the increase in the enforcement budget would result in increased tax collections of about $1.3 billion annually once the new hires reach their full potential in fiscal 2014.

The IRS under Commissioner Douglas Shulman has beefed up enforcement against tax cheats in recent years, with a focus on high Net Worth individuals and the banks that aid them.

The poster child for that effort is Swiss global banking giant UBS AG, which in the past two years paid $780 million as part of a settlement and has pledged to hand over account information on nearly 5,000 Americans that the bank helped dodge U.S. taxes.

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