High Net Worth Audits
IRS Audits & Appeals
Few things in life cause as much stress on an individual or business as an IRS tax audit. Kevin E. Thorn and the attorneys at Thorn Law Group understand the time, the emotion, and, potentially, financial toll an IRS audit can take.
At Thorn Law Group, we represent individual taxpayers, employers and business entities throughout New Jersey, New York, and Pennsylvania under civil audit by the Internal Revenue Service. As former attorneys for the Internal Revenue Service, we understand how the IRS operates and how its Revenue Agents are required to proceed in civil tax audits.
Normal IRS Audits and High Net Worth Audits
The IRS has recently implemented its plan to dramatically increase the number of audits it conducts of wealthy individuals. The IRS Global High Wealth Industry Group (“GHWI”), often referred to as the “Wealth Squad”, is a group of IRS Revenue Agents trained to conduct audits of wealthy individuals and families.
Unlike traditional audits, which are usually conducted by one Revenue Agent and focus on only a few select items, the High Wealth audits will be all-encompassing. They are conducted by teams of IRS Agents and will review every aspect of the taxpayer’s return and financial activities, including all of the taxpayer’s domestic and foreign income, investments, partnerships, business interests, gifts, trusts, foreign activities and bank accounts. The IRS’s stated goal is to obtain a detailed picture of the taxpayer’s entire economic holdings. These audits are particularly invasive and time-consuming for the taxpayer. Consider it a line-by-line item audit of your tax return and an excruciating in-depth examination of your entire financial life.
Thorn Law Group Can Help You Respond to Tax Audits and IRS Voluntary Disclosure Requirements!
A timely and forthright response to such requests is essential. Thorn Law Group attorneys assist our clients in promptly and effectively presenting their tax reporting positions to the IRS. We efficiently manage the audit process and will work with you to resolve disputes involving income tax, employment tax, estate and gift tax, excise tax, information reporting, and the imposition of tax-related penalties.
At Thorn Law Group, we have successfully resolved many cases for our clients by utilizing the IRS Appeals process and preparing Offers in Compromise on behalf of our clients. Our office in Rutherford, NJ is strategically located near IRS Appeals offices in New York, Newark and Philadelphia. We understand the procedures utilized by IRS, allowing us to effectively negotiate a resolution of your tax liabilities.