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.
The Newport Beach Tax Attorney blog is dedicated to tax issues serving Orange County and Southern California. Posts cover recent news and tax cases including audits, tax litigation, IRS, and cryptocurrency tax issues. For more on the Orange County Tax Attorney Joseph P. Wilson, visit https://www.wilsontaxlaw.com or 949.397.2292
Tax Flash - IRS Ramps Up Audits of High Earners
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