Recent IRS activity and experience in audits of HIHW taxpayers
The IRS Global High Wealth Industry Group has been a significant focus for the IRS, especially in its efforts to audit high-income and high-wealth (HIHW) individuals. As of the end of 2023, the IRS had renewed its focus on these audits, highlighting the importance of understanding the complexities involved in HIHW audits. Despite potential changes in audit rates due to shifts in administrative priorities, workforce reductions, or funding cuts, it remains crucial for HIHW taxpayers and their advisers to stay prepared.
Read a March 2025 article* prepared by 乐鱼(Leyu)体育官网 LLP tax professionals that discusses recent IRS activity and experience in audits of HIHW taxpayers.
* This article, which originally appeared in聽Tax Notes Federal聽(March 31, 2025) and is provided with permission, updates a prior article from 2023: IRS refocuses on enforcement of high-income and high-wealth individuals