Hiding Income offshoreInstructionsPlease write a policy memo to address the following issue.Over the years, numerous US taxpayers including individuals and corporations have been identified as evading U.S. taxes by hiding income in offshore banks, what steps does IRS take to eliminate such a problem?Please address the following items in your policy memo;1. Why this topic is important?2. What is the impact of this issue on US business and the accounting profession?3. What recommendations do you have for public policy related to your research?4. What are the potential counter arguments to implantation of the specific issue you are addressing ?Your policy memo should be total two double spaced, typed pages with a third page that include appropriate reference list.