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...

Boehner addresses GOP priorities ahead of midterm electionsHouse Speaker John Boehner (R-OH) on Thursday delivered what amounted to closing arguments ahead of the November elections, laying out a list of Republican...
As anyone who's ever been through a divorce can attest, the pain of parting with your spouse isn't just emotional—the fallout from divorce can wreak financial havoc as well long after the dust in the courtroom...
Former DOJ Tax Division head Kathryn Keneally joining DLA Piper in New YorkGlobal law firm DLA Piper announced on Thursday that Kathryn Keneally, the former head of the US Justice Department Tax Division, is joining the firm...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.