WANG LAW FIRM, LLC, located in the Chicago financial district, provides a sophisticated synergy of Tax Law (LL.M. in Taxation) and Advanced Auditing. Following the rigorous standards outlined in our attached Tax Services guide, we offer an “Early Warning System” to help clients navigate the 2026 Sunset Clause and complex IRS regulations with total compliance[cite: 1, 10, 36].
Auditing & Financial Compliance
Practice Lead: Helen Hu, MS in Accountancy
Serving as the firm’s Accountant and Auditor, Ms. Hu directs high-complexity financial verifications and regulatory audit functions:
1. Proactive IRS Transcript Monitoring
Utilizing advanced tracking protocols, we perform recurring IRS Transcript Analysis to identify unusual activity or underreporting. This proactive oversight allows for immediate correction, significantly reducing potential penalties and interest.
2. Professional Audit Risk Assessment
We execute Audit Risk Assessments on current tax returns, utilizing specialized auditing models to detect potential audit triggers before they occur. This evidentiary verification ensures all reported data is legally substantiated.
3. Foreign Asset & FBAR Compliance Audit
For clients with international interests, we perform specialized audits for FBAR (FinCEN 114) and Form 8938. We verify account valuations against the $10,000 reporting threshold to mitigate the risk of severe non-willful or willful penalties.
4. Tax Identity Protection (IP PIN)
We manage and verify Identity Protection PINs (IP PINs) to prevent the misuse of SSNs or ITINs. Our audit includes verifying the legitimacy of surprise IRS correspondence to protect clients from sophisticated phishing scams.
Business Law Practice Matrix
Corporate Governance
- Entity selection and structural realignment.
- Mergers, acquisitions, and strategic alliances.
- Executive compensation and SEC reporting.
Risk & Compliance
- 2026 Sunset Clause: Estate tax and QBI planning.
- Employment law and Catch-up Deferral plan auditing.
- Data privacy and complex contract negotiations.