July 18, 2018

Are you a target?

The IRS added five new targets to its campaign audit strategy. They include going after those who use virtual currency worldwide and don’t pay any tax due. The IRS’s Large Business and International division (LB&I) announced these additional compliance areas: restoration of sequestered AMT credit carryforwards; S corporation distributions; repatriation via foreign triangular reorganizations; and the Sec. 965 transition tax owed on the untaxed foreign earnings of certain specified foreign corporations. For details: https://bit.ly/2u21VJg