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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:
- IRS audits and appeals
- Potential tax fraud audits
- Offshore bank accounts
- IRS asset seizure
- Tax audit representation
- Tax evasion/fraud
- Tax litigation
- Tax appeals
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.