Evolving Policies Impact Board Oversight of Tax Risk

Evolving Policies Impact Board Oversight of Tax Risk

A series of recent evolving tax policy developments may prompt boards and their companies to revise their tax risk oversight policies, procedures, and governance in order to minimize tax exposures and to avoid incurring new penalties for noncompliance.

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These developments are aligned with the Administration’s focus on increased transparency and affective enforcement. The Internal Revenue Service (IRS) recently received several important tools that will help the IRS plan and prioritize audits, identify key issues for examination, and facilitate enforcement activities, particularly with respect to multinational companies.

Importantly, the developments underscore the need for boards to increase their participation in tax risk oversight.

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