The Audit Rate Is SkyrocketingThe Audit Rate Is Skyrocketing
There's an important yet unspoken phenomenon in the world of estate tax: As the number of estate tax filings has been decreasing nationwide since 2001, there's been a corresponding increase in the Internal Revenue Service's audit coverage rate of estate tax returns. Indeed, at least for the next few years, practitioners should change their assumption from Federal estate tax returns may be audited,
Richard A. Behrendt
There's an important — yet unspoken — phenomenon in the world of estate tax: As the number of estate tax filings has been decreasing nationwide since 2001, there's been a corresponding increase in the Internal Revenue Service's audit coverage rate of estate tax returns. Indeed, at least for the next few years, practitioners should change their assumption from “Federal estate tax returns may be audited,” to “These returns will be audited.” And of course that means all estate-planning attorneys and accountants should be more careful than ever before, when planning a client's estate.
What makes the IRS' ever-increasing vigilance possible?
Well, one implication of the 2008 election results is that we can safely rule out any ...
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