The Internal Revenue Service (IRS) Large Business and International (LB&I) Division continues to churn out new audit “campaigns.” The most recent announcement on October 30, 2018, identifies five new campaigns, which were identified through LB&I data analysis and suggestions from IRS employees. With the addition of these new campaigns, LB&I has now identified 50 campaigns since the program’s initial release on January 13, 2017. The five new LB&I campaigns are listed verbatim by title and description. Individual Foreign Tax Credit Phase II Section 901 of the Internal Revenue Code alleviates double taxation through a dollar-for-dollar credit against U.S. tax on foreign-sourced income in the amount of foreign taxes paid on that income. Individuals who meet certain requirements may qualify for the foreign tax credit. This campaign addresses taxpayers who have claimed the credit but do not meet the requirements. The IRS will address noncompliance...
Understanding LB&I “Campaigns” – The Second Webinar
On March 28, 2017, EY and the Internal Revenue Service (IRS) held a joint webcast presenting the Large Business & International’s (LB&I) new “Campaign” examination process. This was the IRS’s second in a planned eight-part series about Campaigns. The IRS speakers for the presentation were Tina Meaux (Assistant Deputy Commissioner Compliance Integration) and Kathy Robbins (Enterprise Activity Practice Area). We previously blogged about Campaigns on February 1, 2017 (link), and the first Campaigns webinar on March 8, 2017 (link). How Campaigns Are Developed: LB&I’s new organizational structure includes Subject-Matter Practice Areas, Geographic Practice Areas, where the employees who conduct audits are located, and Headquarters and Support. Headquarters and Support (Compliance Integration) reviews ideas for new Campaigns and assigns the potential Campaigns to the appropriate Subject-Matter Practice Area for further review and development. For...