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.