U.S., U.K., Australia Teaming Up to Battle Offshore Tax Evasion, IRS Announces

The United States, Australia, and the United Kingdom have teamed up to fight cross-border tax evasion, the IRS said May 9.

The three countries will share information involving a multitude of trusts and companies hiding assets on behalf of residents in jurisdictions throughout the world, IRS said in the news release (IR-2013-48). That information may also be shared with other nations, the IRS said.

The development marks a major milestone in the continuing efforts of the United States to work with other countries to stop tax cheats.

IRS said the three countries have each acquired “a substantial ...