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IRS adds two compliance campaigns (LB&I division)

IRS adds two compliance campaigns (LB&I division)

The IRS Large Business & International (LB&I) division continues to expand its list of compliance campaigns by adding two new campaigns—bringing the current total active campaigns listed on the LB&I website to 59 compliance campaigns.

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The two new campaigns, posted on the LB&I website on January 29, 2021, are:

  • Puerto Rico Act 22, Individual Investors Act
  • Taxable asset transactions – Matching buyers and sellers

Background

IRS compliance campaigns represent the IRS’s shift from entity-based to issue-based examinations, with a focus on those issues that have been determined to present a significant risk of noncompliance. The IRS’s stated goal with its campaign initiative is to improve tax return and issue selection and thereby make the greatest use of limited IRS resources.  Each campaign is addressed using one or more “treatment streams” that include issue-based examinations, soft letters encouraging voluntary self-correction, and stakeholder outreach. 

Read the full list of LB&I compliance campaigns (as of January 29, 2021)

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