Friday, April 5, 2019

The IRS tried to go after the ultra-rich with ‘audits from hell’ — until Congress stepped in to protect the wealthy

The IRS tried to go after the ultra-rich with ‘audits from hell’ — until Congress stepped in to protect the wealthy: On June 30, 2016, an auto-parts magnate received the kind of news anyone would dread: The Internal Revenue Service had determined he had engaged in abusive tax maneuvers. He stood accused of masking about $5 billion in income. The IRS wanted over $1.2 billion in back taxes and penalties.

The magn

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