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Posted: 9:40 a.m. Wednesday, March 21, 2012
Washington, DC —
It's being called the IRS "SWAT Team."
The Internal Revenue Service has recruited a group of specialist from top law and audit firms to crackdown on companies that cheat the government.
Specialists have been hired from audit firms KPMG and Ernst & Young LLP has well as the law firm Mayer Brown. Samuel Maruca is the head of the group, and he is still recruiting. He has been given the authority to hire the manpower needed to combat what is called "transfer pricing."
Transfer pricing involves corporations that are constantly moving goods, services and assets from one subsidiary to another in different countries to lower tax costs.
The pharmaceutical and high tech companies will be the most closely watched.
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