September 20, 2023
IRS announces new LB&I work group that will focus on large or complex passthrough entities
The IRS announced (IR-2023-176) that it is establishing a new work group that will focus on large or complex pass-through entities, such as partnerships and S Corporations. This new unit will be part of the IRS Large Business and International (LB&I) division and include some of the new hires from the IRS's recently-announced hiring initiative that is part of its new enforcement efforts (see Tax Alert 2023-1512). According to LB&I Commissioner Holly Paz, the new work group is expected to "formally 'stand up'" late next year, although work in the area of pass-through entities will "intensify" in the meantime.
Published by NTD's Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor