Rumor has it among our clients that extending your tax returns may increase the likelihood of an IRS audit. Is there any truth behind it? The fact of the matter is, there’s really no way to know for sure. Although the IRS releases information on audit rates based on income levels and types of tax returns, they have never released Read More »
IRS audits on the rise for high income individuals and corporations Recently politicians, protestors, and the media have been debating whether or not high-income individuals and corporations are paying their so-called “fair share” of taxes.Apparently this is also an IRS concern. Steven Miller, deputy IRS commissioner for services and enforcement wants to, “assure that those at the lower end of Read More »
An introduction to the IRS’s busy new group The Global High Wealth Industry Group, also known as the “wealth squad,” is a team of experienced IRS specialists assembled specifically to audit wealthy taxpayers. Depending on your point of view, this crack squad is either a scheme by the current leaders directed against the wealthy or a sincere plan to put Read More »