IRS “compliance campaigns” include transition tax | KPMG | GLOBAL
close
Share with your friends

IRS new “compliance campaigns” include section 965 transition tax

IRS “compliance campaigns” include transition tax

The IRS Large Business and International (LB&I) division today announced five new “compliance campaigns” to be added to the list of previously identified compliance campaigns under LB&I's issue-based compliance work.

1000

Related content

Today’s items bring the total number of compliance campaigns to 40. The topics of the new compliance campaigns are:

  • Section 965 transition tax
  • Restoration of sequestered alternative minimum tax (AMT) credit carryforward
  • S corporation distributions
  • Virtual currency
  • Repatriation via foreign triangular reorganizations

 

Read the IRS release (July 2, 2018)

KPMG observation

While there has been relatively little activity surrounding several of the earlier announced campaigns, the rationale for their identification and the intended treatment streams suggest the five new campaigns may be pursued more aggressively.  

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit