IRS Targets Globally-Mobile

Publication Name: 

IRS Targets Globally-Mobile 

Date: 
Friday, April 21, 2017

 

IRS targets globally-mobile individuals and businesses through its Global High Wealth Industry Group and its Large Business and International Division. Targeted taxpayers find these audits distracting, taking time from important duties such as managing businesses. Some targeted taxpayers suffer from significant, unremitting anxiety. These audits are also expensive since tax-audit representation requires a high level of expertise from the taxpayer’s advocate. For all these reasons, well-advised taxpayers will want to minimize their exposure to significant audit adjustments and to complete their tax audit as soon as possible. This article provides guidance on how advance planning may further both goals. This article also suggests, in Section (3), how taxpayers with inadequate financial disclosure of foreign entities and transactions may become fully compliant with United States tax law.

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