In a February 24 report to Congress, IRS Commissioner Douglas Shulman stated that high-wealth individuals and their related businesses operating on a global basis should expect greater scrutiny in the years to come. In 2009, the IRS launched the Global High-Wealth Industry Group, whose goal is to focus on the complex interrelation between business entities controlled by high-wealth individuals. Commissioner Shulman also stated that the initiative aimed at focusing compliance specialists on high-wealth individuals has reduced the desire of taxpayers to "push the envelope" on complying with the tax Code.
See also CCH Tax Newsletter, February 25, 2010.
Posted by Jenny Robertson, Associate Editor, Wealth Strategies Journal.
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