Jones Day and several other sources have reported that the Internal Revenue Service (“IRS”) announced that as soon as it reopens its collection and examination functions on July 15, it will immediately begin the examination of hundreds of high-income individuals and private foundations that are often established by high-income taxpayers through the Global High Wealth Industry Group (“GHW”).
See also the following:
- Jason B. Freeman, Forbes: IRS Intends to Audit More High-Wealth Taxpayers.
- Winston & Strawn: IRS Announces New Campaign to Audit High-Net-Worth Taxpayers (Jun 22, 2020).
- IRS Internal Revenue Manual 4.52.1: Global High Wealth Program Processes and Procedures.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.