By: Peter Roupas, CPA
Editor: Alex J. Brosseau, CPA, MST
The IRS has endured significant budget cuts in recent years. And in today’s political landscape, with continuing pressure on lawmakers to reduce federal budget deficits, even more cuts might be coming. Nonetheless, the IRS appears as committed as ever to examining individuals, particularly those of high net worth. Moreover, thanks to the efforts of the IRS’s Global High Wealth Industry group (GHW), an IRS exam is likely to be broader in scope, more time-consuming, and more invasive than ever before. Given these recent trends, taxpayers may wish to take a renewed look at whether they are truly examination-ready.
To read this article, please visit The Increasing Importance of IRS Examination Readiness on The Tax Advisor website.
As a Principal in Ellin & Tucker’s Tax Department, Kristin A. King, CPA, MST, provides specialized tax and consulting services to large corporations and individual clients with national, international and multi-state activities. Her extensive experience with corporate and personal and trust taxation makes her a knowledgeable resource tax minimization and other tax issues. She is also knowledgeable in transactional tax work including acquisitions and liquidations.