If you are considered a threat to national security, there are people in the government who have been trained to deal with you. They go by different names. Delta Force. Navy Seals. In the fictional realm, you have Men in Black. The thing that these forces all have in common is that they are made up of specialists. In MIB, they’re humorously referred to as, “the best of the best of the best.”
Most Minnesota readers probably don’t know this, but the IRS has its version of a special force. And just like you wouldn’t want to be a target on the list of the various units named above, those with experience in dealing with complex tax controversies know it’s not good to be on the list of what is known as “The Wealth Squad.”
This group’s formal name is the Global High Wealth Industry Group. Formed in 2010, it consists of examiners with special expertise in recovering underreported or uncollected taxes from the wealthiest of the wealthy taxpayers – the ones considered to have the greatest wherewithal to take advantage of any tax break they feel they can claim.
You probably don’t have to worry that The Wealth Squad is on your trail if you are an average Minnesota or Wisconsin resident (or even somewhat above average). Experienced tax lawyers know this unit focuses on those in the ranks of payers who have an adjusted gross income of $10 million or more. As one CPA puts it, “They are super focused on, like, the top 50 percent of the 1 percent-ers.” The more you make, the more likely you are to be on this IRS group’s audit radar.
Still, you don’t have to be a millionaire or billionaire to find yourself facing serious tax liabilities. If you’ve received notice from the IRS that you are being audited, contact a skilled attorney and begin planning how you will respond. Not responding is really not an option, and timely response is imperative.