Increased Targeting of High Income Individuals

Experienced Irvine, California, Tax Planning Attorney

High-income earning individuals need to be aware of increased targeting by the IRS of wealthy taxpayers. This is not exclusive to off-shore and foreign accounts. Every year, the IRS is set to collect nearly $350 billion in taxes. However, not all of this is collected and can fall upon tax auditing of high income taxpayers. Also targeted are high-valued property, bank accounts and investments.

I can assist you with all tax controversy matters, including:

High Income Taxpayer? Why You Need Tax Representation Now

In 2010 the audit rate for the general population was 1.1 percent. For taxpayers earning more than $1 million it was 8.4 percent. For those earning $10 million or more, the audit rate went up almost 8 points at 18.4 percent. As you can see from these numbers, the IRS is targeting the wealthy more than ever. In fact, the IRS has a unit of specialized auditors just for the wealthy. Certain activities are actually looked for by these highly-trained agents including:

  • Property transfers
  • Investment losses
  • Home interest deductions
  • Offshore accounts and foreign income
  • Large spending

Protect yourself and be proactive if contacted by the IRS. Obtain a veteran California tax attorney who can provide solid tax audit strategies for you and handle any tax matter that may come your way.