The IRS Large Business and International (LB&I) division today publicly released three “practice units”—parts of a series of IRS examiner “job aides” and training materials intended to describe for IRS agents leading practices about tax concepts in general and specific types of transactions.
The titles of the three practice units released by the IRS today are:
Read text of the practice units, available on the IRS practice unit webpage with a posting date of May 14, 2018.
The practice units released today provide insight into the IRS viewpoint on the identified issues and related Code sections. These practice units instruct agents how to interpret and apply the rules. Taxpayers whose tax filings involve the issues addressed by these practice units might find it helpful to review these releases.
There has been a great deal of interest in ASC 730 since its release. Today’s edition of TaxNewsFlash simply provides text of the IRS practice units, with follow-up discussion and observations to be provided by KPMG.
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