Tuesday, November 6, 2007

What to Expect During Upcoming IRS Examinations

by Ellen McElroy and Christian Wood (Pepper Hamilton LLP)

In upcoming examinations the IRS is giving priority to non-shareholder contributions, Section 936 exit strategies, Section 41 credit claims, Section 199 domestic production deductions, as well as claims of foreign tax credits and use of hybrid instruments.

As a brief review, for examination purposes, the IRS has designated certain tax issues into one of three tiers, based on a combination of factors, including the likelihood of taxpayer non-compliance, the presence of established legal authority, and the implication of substantial revenue. Examiners must raise Tier I issues, and once a Tier I issue has been raised, any resolution of the issue must be approved by LMSB (Large and Mid-Size Business division) executives. Unlike traditional IRS examinations that have been fully resolved by the exam team, LMSB specialists must approve Tier I issue settlements. IRS examining agents are directed to examine all Tier II issues, but are not required to do so. The examinations of Tier III issues follow traditional examination procedures.

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