IRS Announces New Specialty Areas for Businesses

New specialty areas in the IRS’s Large and Mid-Sized Business division are geared toward helping businesses file and pay their taxes correctly. The new focus areas include:

  • Natural Resources, which will include petroleum, mining, forest products, utilities and chemical engineering industries.
  • Retail, Food, and Pharmaceuticals Industries, which will include food and beverages, retailing, pharmaceuticals, agricultural commodities and farms.
  • Communications, Technology and Media, which will serve the telecommunications, software and hardware development, broadcasting, publishing, sports franchises, hotels, gaming and other entertainment and recreational services industries.
  • Financial Services, Health Care, which will include commercial banking, savings and loans, securities and other financial services, health care and insurance.
  • Heavy Manufacturing, Construction and Transportation, which will serve the air and ground transportation, the aerospace and automotive industries, shipping, construction and real estate industries.

The IRS is hopeful that these new divisions, staffed with experts in the particular fields, will be able to resolve taxpayer disputes early and help reduce the cost and duration of IRS examinations.

Natural Resources
Retail, Food, and Pharmaceuticals
Communications, Technology, and Media
Financial Services, Health Care
Manufacturing, Construction and Transportation

You may like these other stories...

Renaissance avoided more than $6 billion tax, report saysThe Senate Permanent Subcommittee on Investigations said on Monday that a Renaissance Technologies LLC hedge fund’s investors probably avoided more than $6...
A new Gallup survey found that 58 percent of smokers in the United States see increased state and federal taxes on cigarettes as an act of unjust discrimination, while 39 percent believe the tax hikes are justified.The...
Liberal groups object to bill barring taxes on Internet accessThe Internet Tax Freedom Act hasn’t been a controversial bill. In fact, it’s so popular that senators are seeking to pair it up with a far more...

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.