On May 23, 2012, the Commissioner of the Large Business and International (LB&I) division of the Internal Revenue Service (IRS), Heather C. Maloy, announced a realignment of the LB&I division’s structure. The stated goal of the realignment is to make the division more agile, efficient and consistent in its ongoing operations. The IRS also expects the realignment to help various LB&I industry groups identify the most relevant issues. The realignment is focused on domestic tax rather than international tax concerns and is scheduled to take effect on October 1, 2012.
Current Status
On October 1, 2010, the former Large and Mid-Size Business (LMSB) division became the LB&I division. That reorganization was designed to centralize the IRS’s international tax compliance initiatives, demonstrating the agency’s heightened concern with international tax issues.
Please see full publication below for more information.