Cryptocurrency, S Corporations Make List Of New IRS Compliance Campaigns
 

Cryptocurrency, S Corporations Make List Of New IRS Compliance Campaigns

The Large Business and International (LB&I) of the Internal Revenue Service (IRS) has announced five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual currency, reorganizations, and transition tax.

A compliance campaign is pretty much what it sounds like: an attempt to get taxpayers to comply with existing laws. Typically, it works like this. First, the IRS identifies a behavior that’s considered a concern—like, say, failing to report offshore income. Then, the IRS tries to figure out how best to educate taxpayers about the problem while also curbing the behavior. Read more on Forbes.