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IRS Sees Guidance in 2021 On Revenue Procedure It May Withdraw

June 24, 2021, 9:13 PM

The IRS plans to issue guidance later this year on a procedure that allows some large companies to avoid potential penalties by making adjustments to their taxes after the agency begins an exam.

Nikole Flax, commissioner of the Internal Revenue Service’s Large Business & International Division, said guidance would be forthcoming on the IRS’s Rev. Proc. 94-69, which the agency said last year it was considering “obsoleting.” Flax spoke Thursday at New York University’s virtual Tax Controversy Forum.

  • The IRS said last year that it might withdraw the procedure in part because it creates a disparity among companies—some ...