Tax Flash - IRS Ramps Up Audits of High Earners
The IRS is planning to audit more high-income taxpayers, Treasury Secretary Steven Mnuchin told House lawmakers this week. The plan comes on the heels of recent reports that the IRS has conducted more audits of lower-income taxpayers largely because of the increased complexity and resources needed for high-income examinations. In doing so, the Trump administration’s FY 2021 budget request proposes $12 billion in base funding for the IRS, which would provide an increase from currently enacted levels of $11.5 billion.
If you or your business have legal questions or concerns regarding a state or federal tax audit, the professionals at Wilson Tax Law Group are available to assist and can be reached at 949-397-2292. Wilson Tax Law has offices in Newport Beach and Yorba Linda, California. Wilson Tax Law assists clients throughout California, the United States and worldwide.