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LB&I Focus Guide for FY 2021

LB&I Focus Guide for FY 2021

The IRS Large Business and International (LB&I) division released its annual “Focus Guide” broadly outlining its strategic goals for FY2021.

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The LB&I Focus Guide [PDF 250 KB] includes new initiatives and also highlights those activities started in FY2020 (and prior years) and continuing into FY2021, such as launching new compliance campaigns, improving the Compliance Assurance Process, implementing the 2017 tax reform (“Tax Cuts and Jobs Act” or TCJA) and partnership audit procedures (Bipartisan Budget Act) measures, and expanding the size of the LB&I workforce.

Specific strategic goals include:

  • Continue efforts to improve case selection to focus on taxpayer noncompliance
  • Expand coverage of pass-through entities, high-wealth taxpayers, and high-income individuals
  • Mature data analytics to measure progress in all compliance activities to improve future selection of cases and issues
  • Continue to expand data analytics tools and improve strategies to combat abusive transactions and promoter schemes
  • Identify taxpayer strategies and compliance with the TCJA
  • Closely monitor and respond to the impact of the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) on LB&I taxpayer positions
  • Continue to enhance the Large Corporate Compliance (LCC) program using feedback and data analytics and expand the program to partnerships
  • Continue to monitor the impact of the Compliance Assurance Process (CAP) recalibration

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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