The IRS announced in 2021 that it would begin a new campaign to audit high-wealth individuals.
Did you know the agency maintains a specialized, experienced group of examiners focused on conducting audits of high-income/high-wealth individuals?
The Global High Wealth Industry Group (GHW), known as the IRS Wealth Squad, is trained to examine sophisticated financial arrangements of high-wealth individuals, such as:
- – Foreign bank accounts are subject to reporting under FBAR rules
- – Overseas inheritance
- – Foreign trusts
- – Complex entities controlled by taxpayers, such as partnerships, corporations, foundations, and trusts
If you’ve been contacted by a member of the Wealth Squad, contact us immediately.
The Wealth Squad maintains broad powers and GHW audits are typically broad and comprehensive.
Contact Morris and Associates today for a FREE consultation to discuss a potential or current Wealth Squad examination as well as strategies to best protect your assets.