The Internal Revenue Service has what is called the Global High Wealth Industry Group which audits large business and international taxpayers, both individual and corporate.
The unit which was launched in 2010 reviews and audits the total financial holdings, assets, and income of high wealth individuals and their related enterprises such as Donald Trump.
The Wealth Team’s cases review and audit individual's tax return and related income and business enterprises where the individual has a controlling interest, and where the IRS believes a significant compliance risk exists including partnerships, trusts, subchapter S corporations, C corporations, private foundations, gifts, and any other financial interests that an individual might be involved with.
These audits are exhaustive, and lengthy, and can span many years in the process of conducting the audit(s). In some cases the audits are ongoing from year to year.
The audits performed by this unit involves highly capable, experienced examination specialists which include technical advisers to provide industry or issue-specialized tax expertise, specialists regarding flow-through entities (such as trusts, partnerships, LLCs), international examiners, economists to identify economic trends within returns, valuation experts and others.
It is estimated that almost 25 percent of taxpayers whose adjusted gross income topped $10 million were audited.
Our emphasis at Muffoletto & Company is to provide you the proper guidance and understanding of the system so that you avoid taxes to the extent that the law allows.
Should you have questions relating to these matters, tax, financial, and accounting issues, give us a call at (818) 346-2160.
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