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IRS – they’re coming after ya!

IF you make over $10Million

In 2009, the Internal Revenue Service announce plans to unleash a new enforcement unit called the Global High Wealth Industry, the goal being to better investigate the complex finances of America’s wealthiest taxpayers.

They weren’t kidding.

Recently released IRS statistics indicate that the federal government increased their audits of America’s richest taxpayers — those with incomes above $10 million — by 75 percent last year. Nearly one in five — 18.5 percent — of America’s richest households dealt with an audit. In 2009, the Global High Wealth Industry’s first year of operation, the IRS audited only one in ten of America’s richest taxpayers.

Complex tax evasion has become an increasing problem in recent years, with popular strategies including conversion of income into capital gains and stashing cash in Swiss banks.

http://www.huffingtonpost.com/2011/03/27/irs-audits-richest-americans_n_840627.html

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Willie Sutton didn’t answer the question,why do you rob banks?’ with:

“Because that’s where the money is”

http://www.snopes.com/quotes/sutton.asp

With that said, I think the IRS if FINALLY, getting it right.

March 28, 2011 Posted by | deficit reduction | , , , | Leave a comment