The IRS Large Business and International (LB&I) division has released its widely anticipated new audit strategy known as “campaigns.”
The LB&I is moving toward issue-based examinations. “This approach makes use of IRS knowledge and deploys the right resources to address those issues,” the IRS stated.
Latest Offshore Voluntary Disclosure Initiative. Acknowledging that some overseas, delinquent taxpayers (including dual citizens) desire to become compliant, the IRS has announced an additional offshore voluntary disclosure initiative designed specifically for US nonresidents went into effect September 1, 2012. However, under the plan only individuals characterized as “low compliant risk” may generally file their past returns without penalties. Low compliant risk individuals are typically those with simple tax returns and who owe $1,500 or less in taxes. High compliant risk individuals are not eligible for the initiative, and may face late fees and penalties upon attempted participation. High compliance risk factors include…