We are pleased to announce that Steven Toscher, Michel R. Stein and Cory Stigile will be speaking at the upcoming Strafford webinar “IRS High-Wealth Examinations: IRS Wealth Squad, Targeted Issues, Preparation, IDRs, Appeals, and Litigation” Wednesday, May 15, 2024, 10:00 a.m. – 11:50 a.m. (PST).
The IRS Large Business and International Division is auditing high net worth individuals and their related entities, including partnerships, S corporations, trusts, and private foundations. The Wealth Squad, a highly-trained division of the IRS, is conducting these audits.
These examinations will target recently enacted and complex areas of taxation, including:
- Section 199A Qualified Business Income Deduction
- Section 163(j) Business Interest Deduction Limitation
- Section 965 Repatriation of Previously Untaxed Foreign Earnings
- Section 172 Net Operating Loss Deduction Refund Claims
- Required foreign reporting of trusts, bank accounts, assets, etc.
Although targeting specific areas, these are comprehensive audits covering most aspects of a taxpayer’s tax return. Tax professionals working with high-wealth clients need to prepare for potential examinations and understand how to represent these taxpayers.
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