Audit. The word strikes fear in many people. They dread the scrutiny, penalties and other unfortunate outcomes when the IRS questions the accuracy or the veracity of their tax return.
The IRS recently announced its plans to significantly ramp up tax audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026. Audit rates will increase by more than 50% for those with total positive income of more than $10 million. That news is sure to trigger anxiety in some high-net-worth individuals.
