The IRS, in a new program, is boldly trying to change the inherent nature of audits. Although it only applies to its Large and Mid-Size Business Division, which serves taxpayers with assets in excess of $10 million, it represents a marked departure from how audits have been previously performed.
Under the program, which is called the Limited Issue Focused Examination or LIFE for short, the IRS and taxpayers can agree to limit the issues that will be covered by the audit and not raise controversies below a certain dollar threshold.
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