Will A High Income Cause An Audit?
A new focus from the IRS is on those with high income, which will impact many individuals across the United States. Higher-income individuals are able to have greater flexibility with their disposable income, often leading to more complex financial records. Those records are now likely to face greater oversight.
At Bomar Law Firm, our tax attorneys have spent their careers taking on the audit problems of people in Atlanta. Georgians turn to our team of tax lawyers because they have experience and insight into tax problems. They understand your struggles and fears in the face of an audit and work diligently to protect you.
This Is A Historic Change For The IRS
The increased focus on those with higher earnings is a massive change in historical trends. Normally, the more you made, the less likely an audit, simply because the IRS’s resources could not accommodate regular audits of highly complex tax returns. Recent budgetary changes made it so that the IRS now has the resources.
Red Flags Are Not Signs Of Guilt
New audits will increase on those making more than $1,000,000 per year. The IRS will utilize artificial intelligence and other improved technology to look at “compliance threats.” However, being the target of an audit is no proof of any wrongdoing.
Simply having a large income and complex assets does not make any individual guilty or liable for tax evasion or fraud. However, there are greater opportunities for mistakes and miscalculations. The challenges you may face in an audit are incredibly stressful, but you do not have to face these without help.
Guidance And Representation In Any Audit
Individual audits are personal and immensely stressful, even if you’ve done your best to report things. The IRS can be extremely aggressive and cause you a lot of stress, but our firm’s lawyers intervene to take point on your case. We take on the difficulties for you and let you focus on your life. Call 800-765-2779 or send an email to learn more.