Corporate Taxes, Audits, Large Business & International Division (LB&I)

IRS Audit Campaign Targets Nonresident Alien U.S. Real Estate Activities

Holland & Knight LLP on 10/8/2020

In 2017, the IRS Large Business & International Division (LB&I) announced a new audit strategy known as "campaigns" that focused on issue-based rather than entity-based examinations, and focusing on those issues that present...more

Weekly IRS Roundup February 24 – 28, 2020

McDermott Will & Emery on 3/3/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 24 – 28, 2020. February 24, 2020: The IRS released final instructions to Form 8978,...more

Is an Increase in LB&I Assertion of Penalties on the Horizon?

McDermott Will & Emery on 6/6/2019

On May 31, 2019, the Treasury Inspector General for Tax Administration (TIGTA) released a report indicating that changes may be in the works regarding assertion of accuracy-related penalties in examinations handled by the IRS...more

IRS Announces More LB&I Campaigns!

McDermott Will & Emery on 4/18/2019

The Internal Revenue Service (IRS) Large Business and International (LB&I) Division continues to churn out new audit “campaigns.” For our prior coverage... The most recent set of campaigns were announced on April 16, 2019,...more

IRS can start asking questions about Campaign Issues. Have your Audit Plan Ready!

Foodman CPAs & Advisors on 12/10/2018

On January 31, 2017, the IRS Large Business and International Division (LBI) announced a compliance campaign strategy to redefine large business compliance work and build a supportive infrastructure inside the LBI. ...more

IRS issues key audit directive for life insurers

Eversheds Sutherland (US) LLP on 9/14/2018

The Internal Revenue Service (IRS) Large Business and International (LB&I) division recently released an Industry Director’s Directive (IDD) that provides key guidance for life insurers. The IDD is the product of a two-year...more