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Tax Audits

What Is the IRS Wealth Squad? Why Should High Asset Taxpayers Worry?

In a previous blog post we discussed whether high-income and high-asset individuals really face a greater audit risk than taxpayers of normal means. We concluded that individuals reporting eight-figure incomes and greater actually face the highest risk of a tax audit. However, individuals reporting income in the single-digit millions or high six-figures also face a more pronounced audit risk. Unfortunately,…

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What Are the Risks if I Haven’t Filed Taxes in Years in California?

For an array of reasons, some taxpayers have not filed taxes in years.  Motivations for this approach to taxes vary, but some taxpayers will fail to file because they don’t think they earn enough money for the IRS or California Franchise Tax Board to notice.  Other taxpayers, in particular self-employed individuals, may have failed to realize that their income was…

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Are Wealthy Individuals More Likely to Be Audited?

At , we recognize that there are often significant misconceptions about the tax system and the tax agencies’ enforcement of laws. People may take comfort or even find horror in the stories spread among family and friends. However, people are often surprisingly hesitant to ask questions about the truth of widely-held beliefs regarding tax enforcement. The attorneys of have prepared…

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3 Easy Steps to Approach an Unexpected Letter from the IRS Following Tax Day in California

For weeks you stressed over getting your income tax and report of foreign accounts in order. You spent time tracking down W-2s, various 1099s, and other statements of income. You also spent time ensuring that the tax positions you or your accountant staked out were compliant with tax law and well-supported by your books and records. You filed your taxes…

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Wall Street Journal Warns California Taxpayers and Investors About Hiding Asset and Income in Offshore Accounts

For investors, entrepreneurs, and other business-minded individuals the Wall Street Journal is the gold standard for business and financial news. Thus, when the Wall Street Journal warns investors about potential civil or criminal exposure in any investment or asset protection context, it is important for all impacted or associated parties to take notice, perform a compliance review, and take any…

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IRS to Pursue High-Income Tax Non-Filers Following TIGTA Report

Most people probably assume that wealthy individuals are priority number one on the IRS’s radar. There is some truth to this characterization, as audit rates for high-income filers are much greater than the audit rates experienced by the general population. However, the Treasury Inspector General (TIGTA) — a government watchdog responsible for identifying and eliminating waste, fraud, or corruption in…

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After FATCA & Offshore Account Crackdown, IRS Turns Its Focus to Bitcoin and Coinbase Users

For taxpayers holding significant investments and offshore accounts, it is no secret that the IRS and U.S. government have used significant resources towards identifying and prosecuting those who commit tax evasion and other tax crimes. Starting around 2008, federal prosecutors began enforcing the longstanding obligation to file FBAR (Report of Foreign Bank Accounts). In 2010, FATCA (Foreign Account Tax Compliance Act) was…

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