IRS Wealth Squad Targets High-Wealth Taxpayers and Their Entities

Posted by Mary McNulty, David Rosenberg, Bill Mureiko, Abbey Garber, Lee Meyercord, Meagan Horn, & Jessica Kirk

     

   

As IRS employees return to their offices and resume audits and collection enforcement efforts, the IRS’s Global High Wealth Industry Group (commonly referred to as the “Wealth Squad”) will embark on an aggressive enforcement campaign targeting high-wealth individuals and the pass-through entities and foundations they control. Targeted taxpayers should understand how the enforcement campaign can impact them and take steps to ensure they are properly prepared for an audit by the Wealth Squad. Our recent client alert provides additional details on the enforcement campaign and steps you can take now to prepare for a potential Wealth Squad audit. Please contact one of the above authors or the Thompson & Knight attorney with whom you regularly work if you have any questions.