On April 10, 2012, the Transactional Records Access Clearinghouse (TRAC) issued a report giving the IRS Large Business and International Division's Global High-Wealth Industry Group failing grades. The report asserts that the program has not met its performance goals and completed a relatively limited amount of audits on global high wealth individuals. In response, the Treasury Inspector General for Tax Administration announced in its FY 2012 Audit Plan that it will be reviewing the program this year.
TRAC, "Few Millionaires Audited by IRS Global High Wealth Group," (April 10, 2012).
Hat Tip: David van den Berg & Eric Kroh, Global High-Wealth Group Performs Few Audits, Doesn't Meet Goals, Report Says," Tax Notes Today (April 11, 2012).
Posted by Theresa Androff, Associate Editor, Wealth Strategies Journal
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