To help with the new compliance efforts announced last week, the Internal Revenue Service plans to establish a dedicated area for large or complex pass-through entities. These entities include S-Corporations and partnerships that are taxed at individual or corporate income tax rates and are frequently used by higher-income taxpayers. The new workgroup will target these individuals and corporations to identify compliance threats and improve selection tools, reducing “no-change” audits for taxpayers. They will include employees from the Large Business and International Division (LB&I), the Small Business/Self Employed division, as well as the new employees contracted under the hiring initiative announced last week.
If you would like to read more, please visit: https://www.irs.gov/newsroom/irs-to-establish-special-pass-through-organization-to-help-with-high-income-compliance-efforts-new-workgroup-to-blend-current-employees-and-new-hires-to-focus-on-complex-partnerships-other-key-areas