The IRS is shifting its focus off households below $200K to taxpayers with income over 200K. The number of audits for households with income over $1 million went from 14,187 in 2006 to 36,422 in 2011. It’s the opposite for corporations. From 2008 to 2011, coverage audits for firms with assets between $50 million and $100 million went from 11.7% to 18.9%, firms with assets over $250 million went from 27.4% to 27.6%. Why the shift? An IRS analysis found that the center of the tax gap is unreported or underreported business income. If audited, work in cooperation with the IRS early on to establish the framework and ground rules for examination. Also, have the needed facts and legal analysis, and present them to the IRS during the exam can lessen the chances you will have to go to appeals or tax court.
A House Medicare for All hearing led to talk about making doctors salaried government employees.
One major Democratic alternative to the Jayapal bill is the 'Medicare X' bill.
The United State is not near the top of this list.
Sponsored by Fidelity Investments
Get insights into the mindset that’s driving today’s advisors to make a move--and help realize their unique business vision.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.