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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

udits 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.
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