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More than two years after launching its special unit targeting very wealthy Americans, the Internal Revenue Service (IRS) has completed less than 40 audits.
The IRS’s Global High Wealth Industry Group, created to review the tax filings of individuals with incomes or assets of $10 million or more, has finished 36 financial investigations, according to a report by the Transactional Records Access Clearinghouse (TRAC) at Syracuse University. It is estimated that there more than 8,000 such tax returns.
“This global high wealth initiative was rolled out to great fanfare as a huge game changer,” Susan Long, co-director of TRAC, told CNN Money. “While it takes a while to gear up, it’s now been more than two years into the program and the IRS has stopped talking about it, and despite the big fanfare, we have hardly anything to show for it.”
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