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Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Though leaner these days, IRS still packs an investigatory punch

| Mar 18, 2019 | Uncategorized |

According to one prominent national new source, “the IRS is a shadow of its former self.”

If you think that you might reasonably have some serious problems to deal with in the event of an agency audit, does that assessment make you feel any better?

We didn’t think so.

The IRS might be diminished from its amped-up and robust self of just a few short years ago, but its leaner status now hardly signifies a reduced capacity to act in matters that garner its agents’ attention. If the agency’s Criminal Investigation Division or other probe-focused department spotlights a particular individual for attention, that person will unquestionably be targeted by seemingly unlimited resources.

One thing has remained consistently true over the past decade and more concerning IRS probes, audits and other “let’s take a look” efforts spotlighting select individuals. Namely, that is the agency’s persistent focus on overseas financial holdings held in accounts that examiners suspect have not been lawfully reported in tax documents.

The bottom line: Foreign-linked tax evasion is a continuing top-tier agenda item for the IRS, with officials sparing no resources in their efforts to spotlight it and take aggressive enforcement actions against alleged offenders.

Federal lawmakers openly acknowledge the notable money constraints confronting the IRS these days. In doing so, though, they note additionally that a tightened budgetary belt shouldn’t have a materially adverse impact on agency probes and resulting wins in targeted areas. A cadre of prominent senators just stressed that point to the agency in a mass-signed letter penned earlier this month.

American taxpayers with foreign holdings and concerns about their tax filing history, current status and potential IRS scrutiny – especially the potential for an agency audit – might reasonably want to contact an experienced tax lawyer, especially one with an integrated professional background as an estate planner and certified public accountant.

We will remain focused on the IRS in our next blog post, noting particularly the on-point and comprehensive assistance that a proven legal professional can provide to clients with tax-linked conflicts and issues. That help can extend to the audit process, tax-related litigation, effective estate planning strategies and more.


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