IRS Foreign Payments Practice Developments
United States tax alert
The Foreign Payments Practice is an integrated withholding tax program within the IRS’s LB&I IBC division
The Internal Revenue Service (IRS) announced its intentions for a realignment of its foreign payments audit oversight activities in 2012 and began discussing the new structure in various professional forums during 2013. A new Foreign Payments Practice division and its impact on compliance for withholding agents was described by Theodore D. Setzer, the Program Manager for the IRS’s Foreign Payments Practice and other IRS officials at these 2013 forums.
The Foreign Payments Practice is an integrated withholding tax program within the IRS’s Large Business and International (LB&I) International Business Compliance (IBC) division. Organizationally, the IRS formation of a withholding practice within the division is intended to implement a better audit approach relating to withholdings.
Download our report to learn about the new practice, structure and the impetus for the IRS’s new focus and approach.