IRS insiders have indicated that the IRS’ Global High Wealth Industry Group will be targeting hundreds of wealthy taxpayers for audit beginning now and throughout the fall. These audits will likely include the taxpayer’s individual tax return, along with all associated entities the taxpayer owns or significantly controls or influences, particularly if the taxpayer appears to be out of compliance regarding reporting information concerning one or more entities.
To identify prospective taxpayers to audit, the IRS has specialized departments that analyze data to determine the level of compliance risk on filed or unfiled tax returns. Those returns with the highest risk indicators are further assessed and ultimately will result in being selected for an audit.
If you are a high wealth individual with concerns about your current tax compliance, or if you receive an audit notice, the attorneys at the Law Office of Williams & Associates, P.C. are here to help. We are experienced in the most complex areas of tax law and we work with clients throughout the United States and abroad to ensure our clients’ rights are protected in resolving tax audits, appeals, and litigation.