LB&I announces 50th audit campaign

Tax Hot Topics newsletterThe IRS Large Business and International (LB&I) division announced on Oct. 30 five new compliance campaigns, bringing the total number to 50 since the initiative was rolled out in January 2017.

Campaigns are designed to drive taxpayer compliance through various “treatment streams,” which can include issue-based examinations, soft letters, taxpayer education, published guidance, and other measures taken by the IRS.

The five new campaigns focus mostly on international tax issues and are:

  • Individual Foreign Tax Credits (Phase II)
  • Offshore Service Providers
  • FATCA Filing Accuracy
  • Form 1120-F Delinquent Returns
  • Work Opportunity Tax Credit

Like the last batch of campaigns announced in September, the latest tranche indicates that as the IRS continues to evaluate the Tax Cuts and Jobs Act, which was enacted in late 2017, it is possible that certain preexisting campaigns could be impacted.

Shamik Trivedi
Senior Manager, Washington National Tax Office
T +1 202 521 1511

Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.