Tax Controversies and the Family OfficePrepare for a changing examination landscape |
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In today's environment, a tax controversy (a taxing authority's examination and challenge of an individual's or entity's tax position), can affect a family office in a number of ways - from the family office itself to the individual family members. Although traditionally the IRS has focused more on large corporations, in 2009 the IRS announced the formation of a Global High Wealth Industry Group to increase focus on certain matters related to high-net-worth taxpayers and to strengthen the rigor of its audit processes in this taxpayer segment.
In this article, we address some of the questions about tax controversies that high-net-worth individuals and families may face in this evolving audit approach.
Some of the questions discussed include:
- How will the formation of the Global High Wealth Industry group change the scope and volume of audit activity, and how soon?
- What should family offices know about the reporting requirements for foreign financial accounts or interests?
- What can you expect to happen if you are contacted about potential tax issues?
- What can you do to assess risks and your preparedness for facing a tax controversy?
In 2009, the IRS announced the formation of a Global High Wealth Industry group to increase focus on certain matters related to high-net-worth taxpayers, as well as to strengthen the rigor of its audit processes in this taxpayer segment.
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Tax Controversies and the Family Office
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