IRS establishes new group to focus on Large or complex pass-through entities

The IRS is continuing to focus on high-income taxpayer compliance issues. To that end, it has announced plans to establish a new work group that focuses on large or complex pass-through entities, such as partnerships and S corporations. These entities aren’t subject to the corporate income tax. Instead, income is “passed through” to the income tax returns of the individuals, corporate owners or partners and taxed at their income tax rates. Pass-throughs are frequently used by higher-income taxpayers and can be complex tax arrangements. The new work group will be housed in the IRS’s Large Business and International division. For more details: https://bit.ly/3Ryx9o4