In a new press release yesterday, the IRS announced the renaming of their Large and Mid-Size Business (LMSB) division as part of their “continuing effort to improve global tax administration efforts.”
As part of the organizational shift, the name of the IRS’s large corporate unit — LMSB — will change on Oct. 1 to the Large Business and International division (LB&I).
“Executing our international strategy is a top priority, and our work continues to intensify in this area,” said IRS Commissioner Doug Shulman. “Every day, we are moving forward in our international compliance efforts. Bringing together our top international personnel in this new group will help us advance our global tax administration efforts and ensure focus and fairness in a critical area for our nation.”
The new LB&I organization will enhance the current International program, adding about 875 employees to the existing staff of nearly 600. Most of the additional examiners, economists and technical staff are current employees who specialize on international issues within other parts of LMSB.
The realignment will strengthen international tax compliance for individuals and corporations in several ways, including:
- Identifying emerging international compliance issues more quickly.
- Removing geographic barriers, allowing for the dedication of IRS experts to the most pressing international issues.
- Increasing international specialization among IRS staff by creating economies of scale and improving IRS international coordination.
- Ensuring the right compliance resources are allocated to the right cases.
- Consolidating oversight of international information reporting and implementing new programs, such as the Foreign Account Tax Compliance Act (FATCA).
- Coordinating the Competent Authority more closely with field staff that originate cases, especially those dealing with transfer pricing.
- Otherwise centralizing and enhancing the IRS’s focus on transfer pricing.
Continue reading at IRS.gov…