IRS To Eliminate Large Business Continuous Audit Program

Law360, New York (June 5, 2015, 4:56 PM EDT) -- Because of resource constraints, the Internal Revenue Service is seeking to end a program under which large multinational companies are placed under continuous audit by a rolling team of examiners, an agency official said Friday.

The end of the so-called coordinated industry case designation program is part of a larger reorganization of the IRS' Large Business and International division, the arm of the agency that audits the largest taxpayers with assets of more than $10 million, Douglas W. O'Donnell, LB&I deputy commissioner, said Friday at the New York University School of Professional Studies tax controversy forum in New York.

"What we're...

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