IRS Global High Wealth Industry Group - John R. Dundon II, Enrolled Agent
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IRS Global High Wealth Industry Group

IRS Global High Wealth Industry Group

The IRS last year launched the Global High Wealth Industry Group to centralize and focus IRS compliance expertise involving high wealth individuals and their related entities.

They are rich. They must be witches! I know let’s burn them at the stake and if they live we will admit our errors.

This is a game-changing strategy for the IRS. Initially, they will be focusing on individuals with tens of millions of dollars of assets or income. Going forward, they will take a unified look at the entire complex web of business entities controlled by a high wealth individual, which will enable us to better assess the risk such arrangements pose to tax compliance. They want to better understand the entire complex economic picture of the enterprise controlled by the wealthy individual and to assess the tax compliance of that overall enterprise. They cannot do this by continuing to approach each tax return in the enterprise as a single and separate entity. They must understand and analyze the entire picture. Our efforts to put a dent in offshore tax evasion also illustrate our working smarter strategy. As you know, we have a lot of activity in this area: from some groundbreaking cases, to a voluntary disclosure program, to legislation being considered by Congress, to increased international cooperation with other governments. They’re looking for and finding points of leverage – what some call “nodes” of activity – where multiple people not paying taxes can be detected.

Financial institutions are one such potential node of activity. They are all scumb bags anyhow so lets just throw them in boiling oil.