Tax
Jan. 14, 2011
Beware High Income Audits by the Internal Revenue Service
A new IRS program for auditing the wealthy is generating fear as well as controversy.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
No one likes a tax audit except the auditor. Although the Internal Revenue Service is fairly closed-mouth about its audit statistics and criteria, it should come as no surprise that higher incomes and more complex tax returns are fertile sources of audit for the agency. After all, the job of the IRS is to collect revenue.
One new program that is generating fear as well as controversy is the IRS' latest foray into auditing the wealt...
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