Do You Claim Losses or Deductions from Your S Corporation? You May Be Audited!

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

LB&I has found that shareholders in S corporations sometimes claim losses and deductions to which they are not entitled because they do not have sufficient stock or debt basis to absorb these items. In response, the division has developed technical content to assist revenue agents as they conduct issue-based examinations, send letters encouraging voluntary self-correction, conduct stakeholder outreach, and create a new form for shareholders to assist in properly computing their basis.

For more information on this and other IRS LB&I compliance campaigns, click here: https://www.irs.gov/businesses/large-business-and-international-launches-compliance-campaigns

If you have an S corporation and need help getting your taxes into compliance, contact one of our attorneys today!

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