IRS Issues Long-Awaited Guidance On Large Business Audits

Law360, New York (January 31, 2017, 7:51 PM EST) -- The Internal Revenue Service on Tuesday publicly released its first set of major focus areas that it will target during audits of the largest corporations with assets greater than $10 million since it first announced an overhaul of these audit procedures nearly two years ago.

The agency's Large Business and International division identified 13 so-called campaigns in a number of practice areas, including enterprise activities, cross-border activities and pass-through entities, in which it said it will move toward issue-based examinations instead of the old approach of placing large multinational businesses under continuous audit by a rolling team of examiners.

"This is...

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