IRS adds more business tax compliance efforts

The Internal Revenue Service’s Large Business and International Division has approved five more compliance campaigns in areas including virtual currencies, S corporation distributions, repatriation, the Section 965 transition tax, and sequestered Alternative Minimum Tax credit carryforwards. 

The division rolled out its first 13 compliance campaigns in January of last year, followed by another 11 last November, five in March, and six more campaigns in May. 

However, the tax reform law that Congress passed last December could put a halt to some of them. The division is trying to determine which of the existing campaigns, if any, could be affected as a result of the extensive changes in the Tax Code. 

Meanwhile, the LB&I Division has been moving toward issue-based examinations and a compliance campaign process in which it decides which compliance issues present enough of a risk to require a response in the form of one or multiple treatment streams to achieve tax compliance objectives