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IRS Forms Task Force to Address Abusive Transactions

June 23, 2022, 6:01 PM

IRS officials are emphasizing the agency’s efforts to curb abusive transactions.

The agency has created a task force, called the Joint Strategic Emerging Issues Team, for representatives from across the agency to discuss potentially abusive transactions. The team is tasked with collaborating on how to address the potentially abusive transactions and how the IRS should prioritize its resources, officials said at a conference hosted by New York University on Thursday.

The team includes representatives from many divisions within the IRS, including the Office of Chief Counsel, Office of Fraud Enforcement, Criminal Investigation Division, Large Business & International Division, Small Business/Self-Employed Division, and Tax Exempt and Government Entities Division.

The team serves as a forum that allows for “immediate coordination” across the IRS, said Danielle Grimm, a special counsel in the Office of Chief Counsel.

Earlier in the conference, IRS Commissioner Chuck Rettig noted that the IRS identified types of transactions it is concerned about when it released its annual “Dirty Dozen” list earlier this month. Items on the list include certain charitable remainder annuity trust arrangements and monetized installment sales.

“The IRS identified various potentially abusive, often promoted transactions that are very much on our radar screen,” he said.

To contact the reporter on this story: Naomi Jagoda at njagoda@bloombergindustry.com

To contact the editors responsible for this story: Patrick Ambrosio at PAmbrosio@bloombergindustry.com; Alex Clearfield at aclearfield@bloombergindustry.com