WASHINGTON, June 6 /PRNewswire/ -- To better respond to the needs of a
diverse customer base, a newly created section of the Internal Revenue Service
will be devoted expressly to the needs of corporate taxpayers in the heavy
manufacturing, construction and transportation industries.
Housed within the IRS Large and Mid-Size Business Division (LMSB), this
section will be headquartered in central New Jersey and will be staffed by a
group of tax law specialists with expertise in the areas of air and ground
transportation, the aerospace and automotive industries, shipping,
construction and real estate. Initially, it will serve nearly 103,000
taxpayers-1,500 of which are large businesses.
"These particular industries work in a highly competitive and cyclical
global environment that is extremely sensitive to fluctuations in interest
rates," Industry Director Tom Smith said Tuesday. "By dedicating a team of
experts to respond to their specific needs, we hope to better serve this
important sector of the taxpaying community."
Like the rest of LMSB, the Heavy Manufacturing, Construction and
Transportation group will embrace an innovative approach to resolve taxpayer
issues earlier and streamline the tax dispute process to ease burdens on
business, Smith said. The organization will also assist taxpayers with pre-
filing services to help avoid tax disputes.
This combination of factors should help reduce the cost and duration of
IRS examinations, Smith said.
Leading the group will be Smith, who began his 32-year career with the IRS
as a revenue agent. Since completing the Executive Development program in
1993, he has served as Director of International District Operations, Deputy
Assistant Commissioner (International), Assistant Commissioner (Examination)
and Organizational Performance Management Executive.
Three field directors located in New Jersey, Detroit and Southern
California will report to Smith. In all, 14 territory managers will be based
throughout the nation.
In addition to the Heavy Manufacturing, Construction and Transportation
section, LMSB is dividing into four other industry-specific segments --
Communications, Technology and Media; Retailers, Food and Pharmaceuticals;
Financial Services and Healthcare; and Natural Resources. The overall goal of
LMSB is to develop a tailored set of services to meet the needs of the
taxpayers it serves.
The Large and Mid-Size Business Division is one of the four arms of the
restructured IRS. It will serve 210,000 filers that made tax payments of $712
billion. The other three organizational divisions of the IRS include Wage and
Investment; Small Business and Self Employed; and Tax Exempt/Government
SOURCE Internal Revenue Service