Managing New IRS Global High-Wealth Audits

Ed Froelich, Linda Arnsbarger, and Rebecca Balinskas authored an article for Law360 covering the Internal Revenue Service’s Large Business and International Division’s announcement that LB&I agents would start opening several hundred audits of high-net-worth individuals this year.

“The IRS has consistently believed that expenditure of resources in this area will reap significant collection benefits,” the authors wrote. “It understands that very wealthy taxpayers can use their assets to take advantage of offshore vehicles and alternative investments, including cryptocurrency, and further believes some such taxpayers are doing so to avoid paying their full tax liability.”

Read the full article.