(Wall Street Journal) — Tax cheats beware. City officials are gaining new access to a federal database to fight tax evasion. The city’s Department of Finance has reached an agreement with the U.S. Treasury that will give local officials access to the Financial Crimes Enforcement Network, a clearinghouse of financial data and analysis. The database gives the city a new tool in tax evasion investigations. City agencies are under pressure from Mayor Michael Bloomberg to cut their budgets in order to tackle a $3.3 billion deficit in the fiscal year beginning July 1. But revamped efforts to target tax cheats isn’t about closing budget holes, said David Frankel, the commissioner of the Department of Finance.
