Business Services Industry
IRS launches new industry issue focus strategy.
Tax Adviser, The, July, 2007 by Brennan, James E.; Powers, Scott E.
To keep pace with changing business environments and cope with limited government resources, the IRS has implemented a new Industry Issue Focus (IIF) strategy to concentrate on high-risk tax issues. In recent years, the Service has begun to address issues associated with the dynamic nature of the global business environment in which some of its taxpayers operate. These taxpayers often retain sophisticated tax advisers who arrange very complex transactions in an effort to reduce their clients' overall U.S. tax. With this challenge comes the realization that the IRS must make certain that specific industry issues are properly addressed.
The IRS Large and Midsize Business Division (LMSB) has jurisdiction to examine business taxpayers with $10 million or more in...
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