Navigation Links
Pozzuolo Rodden, P.C., Philadelphia Business Planning Attorneys, Announce the Release of "IRS Reaffirms Its Commitment To Expand The Audits Of High Net Worth Individuals"
Date:2/8/2013

(PRWEB) February 08, 2013

The Law Firm of Pozzuolo Rodden P.C., announces the release of the article "IRS Reaffirms Its Commitment to Expand the Audits of High Net Worth Individuals." Below is a sample of the first couple of paragraphs. If you would like to read more, please read the full article and other corporate law, or estate planning topics at Philadelphia Business Planning Attorneys (http://www.pozzuolo.com/wp/articles/).

IRS Reaffirms Its Commitment to Expand the Audits of High Net Worth Individuals.

At a recent tax conference, it was reported that the IRS has reaffirmed its commitment to expand in the coming years its efforts to audit high net worth individuals.

In late 2009, the IRS created the IRS Global High Wealth Industry Group (GHW) to target “global high wealth” individuals for audit and to ensure tax compliance among the group. GHW conducts what are called “enterprise examinations” when auditing a high net worth individual. An enterprise examination may cover more than just an individual’s personal income. It may also look into his partnerships, offshore trusts and various complex financial transactions to determine the individual’s tax compliance. As part of its comprehensive examination, the GHW will look at various tax returns, including income, partnership and gift tax returns.

GHW’s initial focus was on individuals with tens of millions of dollars in assets or income. However, in light of the recent criticism, GHW intends to target individuals at a lower asset and income threshold, such as $1 million.

It may be wise to at least prepare yourself for an audit if you have assets and/or income in the millions. The first thing to realize with GHW audits is that they are not your traditional audit. GHW is part of the IRS Large Business and International Division (LBI), which handles audits of large public companies. Thus, GHW audits are conducted like other LBI audits as opposed to small business/self-employed division audits- the division which normally handles audits of individuals. This means that the IRS may conduct a field audit, as opposed to correspondence audit, and come to the individual’s place of business. Furthermore, the audit’s information document request is likely to be extensive and may cover information relating to more than a dozen different tax returns.

At the very least, one could conduct an internal review of his returns. You may want to consider conducting your own “pre-audit” of your tax returns, or begin gathering relevant business and investment information and possibly create electronic summaries and/or formal records to substantiate the proper operation of various entities. Review your recordkeeping protocols, keep summaries of your records and document your financial transactions.......

If you would like to read more, please read the full article "IRS Reaffirms Its Commitment to Expand the Audits of High Net Worth Individuals" and other corporate law or estate planning topics at http://www.pozzuolo.com/Pubs_Articles.shtml

Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.

Practice Areas:

Business planning and transaction, complex business litigation, commercial real estate and development, construction law and litigation, advanced estate planning and administration, tax and pension law, high profile and intricate family litigation, and employment law and litigation.

Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103
215-977-8200
http://www.pozzuolo.com

Read the full story at http://www.prweb.com/releases/2013/2/prweb10403799.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Maiden Media Group Certified as Minority Business Enterprise in Philadelphia
2. Intervention Associates, Philadelphia Area Quaker Care Management and Guardianship Organization, Spins Off Direct Home Care Company
3. Quorn Foods Inc. Comments on an Article Regarding a Year in Review for Philadelphia’s Meatless Meals and the Restaurants That Serve Them
4. Philadelphia Malpractice Lawyers at Console & Hollawell Explore Negligence as Overdoses from Prescription Painkillers Now Kill More People than Heroin
5. Honda Issues Recall of 800K Vehicles, Philadelphia Attorneys at Console & Hollawell Warn Consumers of Their Potential Risks
6. People in crowdsourcing challenge find defibrillators in Philadelphia
7. Avid Collector Seeks Jimi Hendrix 1968 Electric Factory Philadelphia Concert Poster
8. Small Business Users can Now Get EzCheckPrinting Software at $0 from Halfpricesoft.com
9. Huge Discounts Now Available Through Practical Wealth LLC for Business Owners Seeking Business Funding
10. MinuteHound Releases Time Clock Software For Small Business
11. Easy On Hold Reviews Latest Small Business Phone Systems for Music On Hold Ease and Functionality
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2017)... ... 2017 , ... “Just What Happened in the Garden of Eden”: retells the stories of three ... the creation of published author, Penelope Colt, mother, trader, horse farmer, artist and a former ... she was three. At six, they moved to Dayton, Ohio, where Penny graduated high ...
(Date:5/24/2017)... ... May 24, 2017 , ... Last month, representatives from Rendina ... and town officials to celebrate the grand opening of the 87,000 square foot ... part of its ongoing relationship with RWJBarnabas Health, New Jersey’s largest health system. ...
(Date:5/24/2017)... ... May 24, 2017 , ... Altec Products, Inc., a leader ... – a one-day technology conference in San Diego, CA. , At nVerge 2017, ... to fully utilize and enhance their Sage ERP solutions by providing improved visibility and ...
(Date:5/24/2017)... ... May 24, 2017 , ... Dr. Manju R. Kejriwal, ... ClearCorrect orthodontics, with or without a referral. Dr. Kejriwal understands the emotional and ... convenient, clear braces in Cincinnati, OH. Patients no longer need to feel the esthetic ...
(Date:5/24/2017)... ... , ... Myers Jackson is well known for auctioning homes that people move ... on the planet. The luxury home market is alive and well and there are ... search of “11 Spyglass Hill Auction will enlighten you on the dynamics of how ...
Breaking Medicine News(10 mins):
(Date:5/9/2017)... , May 9, 2017 Zimmer Biomet Holdings, ... musculoskeletal healthcare, today announced it has earned a spot ... 2017" list. The Company was ranked among 500 U.S. ... Employers and Healthcare Equipment and Services. The ... on an anonymous, independent survey of over 30,000 employees ...
(Date:5/8/2017)... 2017 MACRA replaces the outdated sustainable ... service reimbursement. Black Book Research crowdsource-surveyed 8,845 physician practices ... The Market for MIPS Compliance Technology is Booming ... with 3 or more clinicians seek to buy Merit-Based ... the magnitude of the changes, the hunt is on ...
(Date:5/6/2017)... N.Y. , May 5, 2017  Hill-Rom Holdings, ... will add approximately 100,000 square feet to its Welch ... September 2016 its commitment to bring more than 100 ... , where Welch Allyn has maintained a significant presence ... help accommodate these new positions, a large portion of ...
Breaking Medicine Technology: