Analysis

IRS Update On Large-Business Audits Too Vague, Critics Say

By Vidya Kauri (February 1, 2017, 8:21 PM EST) -- Tax practitioners who were eagerly awaiting news on how the IRS would change its approach to auditing large corporations with assets of more than $10 million were disappointed Tuesday, when the agency released an update that is being criticized as vague and lacking in substantive guidance.

Following an earlier, June 2015 announcement of a revamp of the IRS' Large Business and International Division — the arm responsible for auditing the largest corporations in the country — the agency identified 13 so-called campaigns in which it said it will move toward issue-based examinations instead of the old approach of placing large multinational...

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