IRS Large Business and International (LB&I) Division

The IRS issued a news release today announcing a continued and more focused use of Artificial Intelligence (AI) to audit partnerships, large corporations and alleged tax shelter promoters. The news

Continue Reading IRS Going All in on Use of ArtificiaI Intelligence

The Internal Revenue Service’s Large Business & International Division has announced another compliance campaign, its 64th such campaign since the first set of campaigns was unveiled in 2017. This latest
Continue Reading Internal Revenue Service’s LB&I Division Announces Compliance Campaign Focused on TCJA

The Internal Revenue Service has announced an overwhelming acceptance rate for a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Nearly 80%
Continue Reading IRS Steps Up Scrutiny of Micro-Captive Insurance Transactions

Yesterday, the Internal Revenue Service’s Large Business and International division (LB&I) announced three additional compliance campaigns, bringing the total number of campaigns announced to date to 53. These campaigns reflect
Continue Reading IRS LB&I Announces Three More Compliance Campaign, All Focused on Offshore Activities

The IRS has been cracking down on conservation easement transactions for over ten years. Nevertheless, taxpayers have continued to claim charitable contribution deductions attributable to the donation of conservation easements
Continue Reading Conservation Easements: A Year End Review

Today the Internal Revenue Service’s Large Business and International division (LB&I) announced the approval of five additional compliance campaigns. LB&I announced on January 31, 2017, the rollout of its first
Continue Reading LB&I Announces Five More Compliance Campaigns, Bringing Total to 50 Campaigns

BitcoinEarlier this week the Internal Revenue Service announced creation of a virtual currency compliance initiative that will focus on tax compliance by taxpayers engaging in virtual currency transactions. The IRS
Continue Reading IRS Announces Audit Campaign Focusing on Virtual Currency Transactions, But No Voluntary Disclosure Program to Address Non-Compliance

Yesterday the Internal Revenue Service’s Large Business and International Division announced that it was adding six more compliance campaigns to its previously-announced list of 29 such campaigns. The compliance campaigns
Continue Reading Internal Revenue Service’s LB&I Division Announces Six More Compliance Campaigns