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The IRS has set many tax deductions and benefits secure for taxpayers. Unfortunately, some taxpayers who bring home a advanced level of income can see these benefits phased out as their income increases.

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The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The government contended that it evaded taxes by making several inter company transactions to foreign affiliates regarding two of its patents and trademarks on popular drugs it possesses. That is known as offshore tax fraud.

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