News & Analysis as of

High Net-Worth Partnerships Inflation Reduction Act (IRA)

Lippes Mathias LLP

Know Your Rights: Managing Exposure During Audits Through Legal Representation

Lippes Mathias LLP on

The 2022 Inflation Reduction Act (the “IRA”) allocated $80 billion in funding to the Internal Revenue Service (“IRS”), much of which was earmarked for increased enforcement efforts. After some starts and stops, that funding...more

Holland & Knight LLP

IRS Announces New Campaign to Audit Personal Use of Business Jets

Holland & Knight LLP on

The IRS announced a new campaign to audit high-net-worth taxpayers claiming business deductions for the use of private jets. Using some of the $80 million allocated for enhanced enforcement in the Inflation Reduction Act of...more

Allen Barron, Inc.

IRS Focuses Scrutiny on High-Income Taxpayers, Partnerships and Corporations

Allen Barron, Inc. on

New issues come into focus as the IRS focuses scrutiny on high-income taxpayers, partnerships and corporations, as well as those who promote the abuse of tax rules.  The IRS has formally given notice that it intends to...more

Fox Rothschild LLP

IRS Going All in on Use of ArtificiaI Intelligence

Fox Rothschild LLP on

The IRS issued a news release today announcing a continued and more focused use of Artificial Intelligence (AI) to audit partnerships, large corporations and alleged tax shelter promoters. The news release follows...more

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