Rich Elite Are Targeted By Special IRS Audits
Special IRS agents are keeping track of the rich elite as main target for audits. This means that the IRS is going to ask numerous questions and request for documentation for many things virtually that will devastate the rich taxpayers. This so-called “Rich Squad” was just launched since 2009 keeping only a few records to show. Those who are acquiring more than $10 million in assets are the main target. But this Rich Squad does not concentrate too much on those with high income but on the IRS’s Large Business and International Division. They are proficient in handling complicated commerce and investment entity structures that were used by wealthy individuals.
Excerpt:
“The IRS is trolling for compliance glitches with wealthy taxpayers. Variously referred to as the Wealth Squad, Rich Squad or High Net Worth group, whatever you call this new IRS task force, it’s trouble for elite taxpayers.”
Original article can be found at:
http://www.forbes.com/sites/robertwood/2011/10/07/special-irs-audits-target-wealthy-elite/
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