The IRS recently announced a major tax enforcement initiative that will increase scrutiny on high-income earners, partnerships and people with foreign bank accounts. The agency said the effort would “restore fairness to [the] tax system” by focusing on wealthy taxpayers who have seen sharp declines in audit rates over the past decade.
A financial advisor can help you assess your audit risks and potential tax liabilities. Speak with an advisor today.
Targeting Million-Dollar Earners With Large Tax Debts
At the center of the IRS crackdown are individuals who report over $1 million in income and have more than $250,000 in recognized tax debt. In its Sept. 8 announcement, the agency said it has identified 1,600 taxpayers fitting these criteria who collectively owe hundreds of millions in unpaid taxes.
The IRS described plans to use specialized revenue…
