Tag Archives: tax audit

IRS Tax Audit Risks – 2016

January 19, 2017  |   Posted by :   |   IRS Tax Audits   |   0 Comments

On 12/19/16 Fox Business News published “9 Tax Audit Red Flags for the IRS” by Sean Williams. As a background, the Tax Foundation found that the US Tax Code is now 10.1m words. The instructions to complete a basic Form 1040 are more than 100 pages long. Although historically the IRS only audits about 1% […]

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The IRS & The Panama Papers: US Taxpayers

September 17, 2016  |   Posted by :   |   Panama Papers   |   0 Comments

For those US taxpayers (over 2000) listed in the Panama Papers they have now been publicly identified and are subject to IRS civil tax audits, referrals to the Criminal Investigation Division (IRS) for investigation, and if warranted a referral by the IRS/CID to the US Department of Justice for criminal prosecution for tax crimes. Offshore […]

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IRS Tax Audits (2016)

February 17, 2016  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The IRS has shifted their focus to auditing higher income taxpayers. While less than one per cent of all individual tax returns are audited (.86% in 2014; .084% in 2015) higher income taxpayers have a greater audit risk: Income Levels 1) Over $200k-$1m 4% ( 1 in 25); 2) $1m-$5m 12.5% ( 1in 8) 3) […]

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Michael Jackson Estate Has a Big Tax Problem

September 19, 2013  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The estate of Michael Jackson has a big tax problem. The IRS audited Jackson’s Estate Tax Return (Form 706) and disputed the reported value of a major asset i.e. Jackson’s image and likeness valued at $2,105; the IRS disagreed and valued it at $430million. The estate faces potentially hundreds of millions of dollars in tax, […]

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Wolfe Law Group Establishes IRS Precedent Saving Client Over $5 Million

June 24, 2013  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The Wolfe Law Group is pleased to advise of the firm’s recent IRS tax audit success for an entertainment industry client, which resulted in a multi-million dollar tax savings. The client’s IRS tax audit victory established a new tax law precedent, i.e. a taxpayer’s “fraud” loss is tax deductible as a “theft loss” under the […]

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International Investors – U.S. Estate and Gift Tax Planning (2012)

November 05, 2012  |   Posted by :   |   International Investors   |   0 Comments

(I) U.S. Estate and Gift Tax Rates U.S. citizens and U.S. domiciles are subject to U.S. Estate and Gift tax on their world-wide assets.  Non-U.S. domiciles are subject to U.S. Estate and Gift Tax on U.S. assets. In 2012, U.S. Estate & Gift Tax Rates are as follows: 1) Estate Tax Exemption is $5,120,000 ($10,240,000 […]

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