Webcast overview
In early 2024, we examined the evolution of the IRS Global High Wealth Industry Group, the IRS’s renewed focus on audits of high-income and high-wealth (HIHW) individuals, and identified issues one might expect to confront in an HIHW audit. Much has changed since then, raising many questions, including whether the IRS will continue to focus on HIHW audits. But, regardless of whether the HIHW audit rate increases, stays the same, or decreases (in light of the new administration’s priorities, reductions in the IRS workforce, and cuts in IRS funding), HIHW taxpayers and their advisers should continue to be prepared and maintain best practices to navigate these audits.
Please join KPMG LLP for a webcast with professionals from our Washington National Tax practice that will discuss the following items:
- Provide an update on HIHW audits and IRS campaigns (including campaigns over business aircraft utilization, sports industry losses, and self-employment taxes)
- Review of continued areas of focus of HIHW examinations
- Consideration of potential taxpayer preparation and response efforts
