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The Internal Revenue Service (IRS) has decided to spend less time auditing multi-million dollar corporations.
Under a new plan revealed to Syracuse University’s Transactional Records Access Clearinghouse (TRAC), the IRS will expend 18% less effort auditing businesses with assets of $10 million or more compared with just two years ago.
The agency also sees itself devoting 14% less time for specialized revenue agents to conduct corporate audits in FY 2013, compared to what was allocated in FY 2011.
There has been less of a drop in the rate of individual taxpayer audits—5.3% in FY 2012, moving to 7% due to an increase in number of filed returns.
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