Alan Winston Granwell and Andrea Darling de Cortes, of Holland & Knight LLP, have made available for download their article, “IRS Audit Campaign Targets Nonresident Alien U.S. Real Estate Activities,” published as a Holland & Knight Alert. The abstract is as follows:
In 2017, the IRS Large Business & International Division (LB&I) announced a new audit strategy known as “campaigns” that focused on issue-based rather than entity-based examinations, and focusing on those issues that present a significant risk of noncompliance. The IRS’ objective is to improve return selection through identifying issues representing a risk of noncompliance and making the greatest use of its limited resources. Currently, there are nearly 60 IRS campaigns, several of which relate to high-net-worth individuals cross-border issues.
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.