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Expert Analysis

Defensive Strategies For High-Net-Worth Individual Tax Audits

By Patrick McCann ( October 26, 2020, 6:11 PM EDT) -- As they move into the fourth quarter of a tumultuous year in which the hits keep coming, high-net-worth individuals may find themselves the focus of unwanted attention from the Internal Revenue Service. Last summer Douglas O'Donnell, the commissioner of the IRS Large Business and International, or LB&I, Division, announced the IRS would begin a new campaign initiating several hundred audits of high-net-worth individuals....

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