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June 10 — The IRS is dropping the coordinated industry case (CIC) designation and moving toward a risk-based approach to auditing multinational companies—a move practitioners say is driven by necessity and, for some taxpayers, likely to be welcomed.
Others aren't so sure, in part because it isn't yet clear how a taxpayer's compliance risk will be determined.
Robert J. Kovacev, a partner at Steptoe & Johnson LLP in Washington, told Bloomberg BNA on June 10 that the change might be unsettling to some taxpayers now in the CIC program.
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