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IRS Group Scrutinizes High Wealth Individuals

The IRS's Global High Wealth Industry Group (GHW), a division of the IRS's Large Business and International Group, was formed to specifically target and audit high net worth individuals and their related business and entities. Currently, the 100+ Revenue Agents in the group are examining over 100 individual cases, involving more than 500 tax returns.

Because of the complicated nature of most high net worth individuals' financial planning, an examination by the GWH is more intrusive than a traditional IRS audit of an individual's return. Procedures implemented by GHW commonly include introducing a detailed audit plan covering expectations and response time frames that must be signed by the individual at the initiation stage of the audit. The audit plan is generally followed by a lengthy request for documents and information - nosing into every business venture and investment activity of the individual during the years under audit.

Taxpayers contacted by GWH should be prepared for an invasive, time-consuming examination of all of their financial records. At Brown PC, our tax attorneys can help you determine the relevancy or privileged nature of any requested documents and the risks inherent with refusing to comply.

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