Taxpayers should be aware of increased audits — Bloomberg News recently reported about the increasing number of audits conducted on high-net worth individuals. While overall audits have decreased, the IRS is focusing their time where they feel they can get the most bang for their buck. Historically known for utilizing more complex tax strategies, it’s important that high-net worth taxpayers make sure their support documents are readily available to backup potentially aggressive claims.
A representative of Deloitte has listed the IRS’s “favorite issues” of focus. The list includes:
A new clause has been added to the Federal Acquisition Regulation (FAR) that requires certain contractors to provide “privacy training” to their employees. FAR 52.224-3 “Privacy Training” will be included in all contracts awarded after January 19, 2017, that involve access to a system of records or the handling of Personally Identifiable Information (PII). A system of records refers to records under the control of an agency from which information is retrieved by the name of an individual or by some other form of identifier assigned to that individual. Such contractors will now have to provide privacy training to employees …read more
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