IRS to Ramp Up Audits
The IRS is ramping up audits and enforcement of wealthy taxpayers, sparking alerts from financial advisors and tax professionals. With billions in extra IRS funding and heightened scrutiny on high-net-worth filers, practitioners anticipate expanded probes and pressure on clients.
Per a recent Government Accountability Office report, each audit hour of a $10M+ household generates $13,000 in recovered revenue—an astonishing ROI for the federal government. Before recent budget increases, shrinking resources caused audit rates for millionaires to plunge from 7.2% in 2011 to 0.7% in 2019. Now, new programs targeting millionaire noncompliance have already driven $520M in collections following a big boost to the IRS funding last year.
Clearly, the odds of IRS inquiry are rising ...
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Christine Gervais
Christine Gervais is a licensed CPA, using her skills to help businesses grow and achieve their fullest potential. Christine has a Master’s degree in accounting from Southern New Hampshire University in addition to holding her CPA license for over a decade. Notably, Christine is a nationally recognized speaker providing education to other CPAs on how to best serve clients as well as instruction on a wide variety of topics for business owners on how to maximize success. Christine prides herself on the value she can bring to clients with her extensive tax knowledge and providing strategic, forward-thinking financial strategies to help clients grow. When not behind her desk, you can find Christine spending quality time with her daughter and stepson or tending to the family’s excessively loved farm animals.