For High-Income and International Taxpayers: Defensive Tax Planning

Publication Name: 

For High-Income and International Taxpayers: Defensive Tax Planning 

Date: 
Friday, March 31, 2017

 

The Importance of Defensive Tax Planning

IRS audit criteria target high-income taxpayers, especially those with reported foreign income or foreign financial assets. Targeted high income taxpayers include:

  • Individuals
  • Trusts and Estates
  • Corporations
  • Partnerships and LLCs

What these targeted high-profile taxpayers share are:

  • Incomes in excess of $1 million; and/or
  • Assets in excess of $10 million.

Skilled tax lawyers can reduce, but not eliminate, the exposure of these taxpayers to tax audit. In addition, skilled tax lawyers can minimize the nominally-high tax rates imposed by the Internal Revenue Code.

We begin this blog with an overview of current IRS auditing criteria. We continue with an overview of our overly-complex income federal income tax regime along with thoughts of the current federal tax reform efforts by President Donald Trump and Congress. We end with a brief overview of how a boutique tax law firm, such as our firm, can assist targeted high-profile taxpayers, while allowing these taxpayers retain their present legal advisors and tax accountants.

To continue reading on the M. Robinson blog website CLICK HERE