Joint International Tax Shelter Information Center Helps U.S. and Canada Crack Cross-Border Tax Scheme

On August 3, 2006, the Canada Revenue Agency and the United States Internal Revenue Service announced significant progress stopping an abusive cross-border tax scheme using leads and information first developed by the Joint International Tax Shelter Information Center (JITSIC). The alleged scheme involves hundreds of taxpayers and tens of millions of dollars in improper deductions and unreported income from retirement account withdrawals. U.S. and Canadian promoters have marketed the scheme on both sides of the border to individual investors.