Alan Olsen, CPA

Many wealthy investors are turning to rare and collectible items, such as art, race cars and race horses, to protect their wealth from financial market fluctuations. But what you consider an investment may be seen as just a hobby by the IRS -- and that can have serious tax consequences.

The Internal Revenue Service is increasing the number of audits on returns of high-net-worth taxpayers. If you're one of them, don't panic ... just follow these six steps.