News & Analysis as of

Internal Revenue Service Tax Assessment Audits

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
ArentFox Schiff

IRS Workforce Reductions: Delays and Increased Legal Challenges

ArentFox Schiff on

A May 2 report from the US Treasury Inspector General for Tax Administration (TIGTA) found that as of March, the Internal Revenue Service (IRS) workforce had fallen by 11,443 employees, or 11%, due to probationary employee...more

Husch Blackwell LLP

IRS Takes Aim at High Earners, Large Partnerships, and Corporations Using AI

Husch Blackwell LLP on

When the Inflation Reduction Act was passed last year, the legislation included massive funding increases for the Internal Revenue Service (IRS). The initial narratives regarding the funding increases focused primarily on...more

McDermott Will & Schulte

Is an Increase in LB&I Assertion of Penalties on the Horizon?

On May 31, 2019, the Treasury Inspector General for Tax Administration (TIGTA) released a report indicating that changes may be in the works regarding assertion of accuracy-related penalties in examinations handled by the IRS...more

Bradley Arant Boult Cummings LLP

The New Partnership Audit Rules Are Here: Are You Ready? - Construction and Procurement Law News, Q3 2017

The January 1, 2018 effective date of the new federal partnership audit rules is almost here, and we encourage all entities taxed as partnerships to consider addressing the issues posed by these new rules as soon as possible....more

Troutman Pepper Locke

No Gifts in Proposed Partnership Audit Regulations

Troutman Pepper Locke on

New partnership audit and collection regime rules will soon go into effect, defining who can elect out and enabling the Internal Revenue Service to assess taxes directly against the partnerships it audits. Originally...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Congress Overhauls Partnership Audit and Litigation Procedures"

On November 2, 2015, President Barack Obama signed into law the Bipartisan Budget Act of 2015 (the Act). The Act overhauls the partnership audit and litigation rules in the Internal Revenue Code, repealing both the provisions...more

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