KPMG report: IRS enforcement on high-income and high-wealth individuals
IRS initiatives on high-income and high-wealth individuals
KPMG report on IRS initiatives on high-income and high-wealth individuals
The IRS in April 2023 released its strategic operating plan [PDF 3.2 MB] (150 pages) outlining the agency’s plans to make fundamental changes after being funded approximately $80 billion under the “Inflation Reduction Act of 2022.” Read TaxNewsFlash
The majority of the funding—approximately 60%—is for expanded enforcement on taxpayers with complex tax filings and high-dollar noncompliance. Specifically, the IRS will increase audit activity related to large partnerships, large corporations, and high-income and high-wealth (HIHW) individuals.
Read a December 2023 report* [PDF 2.5 MB] prepared by KPMG LLP tax professionals that focuses primarily on the IRS’s initiatives on HIHW individuals.
* This article appears in Tax Notes Federal (December 4, 2023) and is provided with permission.
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