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A study released by the Transactional Records Access Clearinghouse at Syracuse University shows the IRS has increased its audit hours of small businesses (those with less than $10
million in assets) by 30% over the last five years. At the same time, large corporations’ audit hours are down 33%.
The average amount of “underreporting” found for each audit hour of a small- or midsized business was $1,025. For a large corporation, it was $9,354.
That’s a good trend if you’re a lawyer at a Fortune 500 firm. It's bad if you're a small business.
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