IRS Crack Down on High-Income Taxpayers

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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:

  • Large business losses
  • Mortgage interest deductions
  • 529 college savings plans
  • Schedule C losses that should be characterized …read more

    Read more here:: Tax

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