IRS reorganizes to focus on international tax administration

The IRS announced yesterday that it will reorganize the current large and mid-sized business (LMSB) division into the Large Business & International (LB&I) division.  For taxpayers with international activities, both individuals and businesses, this means increased resources focused on preventing tax evasion and more educated IRS agents conducting audits of international taxpayers.  This reorganization also includes adding 875 new people to the division.  This reorganization, renaming and addition of staff clearly show the IRS and Treasury mean business when it comes to international compliance activities, and taxpayers should be cognizant of this when conducting their affairs.