IRS To Begin Transition Tax Enforcement Drive This Fall
Law360 (July 29, 2020, 5:44 PM EDT) -- The Internal Revenue Service will begin distributing letters and placing people into its audit pipeline in October to enforce the transition tax on overseas profits included in the 2017 tax law, an agency official said Wednesday.
The IRS expects to send thousands of letters to people who the agency suspects may need to comply more fully with the repatriation tax, Douglas O'Donnell, commissioner of the IRS' Large Business and International Division, said during a webcast hosted by the American Bar Association Section of Taxation.
Hundreds of others who have flouted their related compliance responsibilities will likely be placed into the agency's...
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