US Owners Of Foreign Trusts Face Increased IRS Scrutiny
By Arielle Borsos and Victor Jaramillo (June 21, 2018, 2:52 PM EDT) -- On May 21, 2018, the Internal Revenue Service Large Business and International division added foreign trust information reporting to its "compliance campaigns," signaling that the IRS sees a "compliance risk" in this area that requires a targeted response to achieve compliance objectives. LB&I first announced its use of compliance "campaigns" in January 2017 as part of its move toward issue-based examinations. Since its initial rollout, LB&I has identified a total of 35 campaigns it believes present compliance risks and corresponding "treatment streams" it will employ to improve taxpayer compliance. Such "treatment streams," include issue-focused examinations, soft notices or letters, voluntary self-correction,...
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