LBI's TCJA compliance campaign focuses on tax reform provisions
May 2020
Overview
The IRS Large Business and International (LB&I) Division on May 1 announced a Tax Cuts and Jobs Act (TCJA) compliance campaign focused on issues relating to the 2017 tax reform legislation. The TCJA campaign — identified through LB&I data analysis and IRS employee suggestions — is intended to help LB&I improve return selection, identify issues representing noncompliance risk, and make the greatest use of limited resources. LB&I has identified the TCJA campaign as one of its compliance activities that will continue during the COVID-19 pandemic.
The takeaway
The TCJA campaign signals that LB&I quickly will be shifting both its focus and resources away from older years (e.g., 2014-2016) to years affected by the more recent tax law changes (i.e., 2017-2019). Accordingly, now is a good time for taxpayers to review positions taken with respect to issues arising from the 2017 tax reform legislation to confirm that their audit files and related documentation are in order.
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