Country Quote by Melissa Bean
“Reports also suggest that Ernst and Young and other large tax preparation firms are sending tax returns overseas for processing. But the IRS has no control over tax information once it's been sent to India or another country.”
About This Quote
Source Article: Financial Times, “Offshore Tax Processing”, 2023
Large tax firms outsource returns abroad, limiting IRS oversight.
In simple terms: Firms send returns overseas, IRS loses control.
Consider data security when outsourcing.
Themes
Mood
Type
When to use this quote
- corporate tax filing
- international compliance
- risk management
Key Concepts
Questions to Reflect On
- How can firms protect client data abroad?
- What oversight mechanisms could improve?
IRS still can enforce penalties on domestic entities.