Major IRS changes coming for business tax audits in 2025

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The Internal Revenue Service (IRS) announced new guidance on Friday aimed at dramatically reducing examination times for corporate taxpayers while making the audit process more collaborative and efficient. The Interim Guidance Memorandum introduces sweeping changes to how the IRS conducts business tax examinations, with implementation beginning in 2025 and extending through 2026. These changes could fundamentally alter how corporations experience tax audits, potentially saving businesses significant time and resources during examination periods....