LMSB Restructuring to Strengthen International Tax Compliance, IRS Says

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IRS announces a restructuring of its Large and Midsize Business division to strengthen international tax compliance, including an enhanced focus on transfer pricing issues and an increased staff size of nearly 1,500 employees. As of Oct. 1, LMSB will become the Large Business and International (LB&I) division. The group will include a transfer pricing director to manage the recently implemented transfer pricing practice, as well as a chief economist to oversee IRS's economic positions on transfer pricing issues, the IRS says in a news release (IR-2010-88). “The realigned organization will let us focus on high-risk international compliance issues and handle these cases with greater consistency and efficiency as we continue to increase our work in this area,” IRS Commissioner Shulman says.