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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 a
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