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With all the talk about partnerships and how the IRS can better police them, perhaps the agency's focus has shifted away from corporations. However, many companies still choose the corporate structure, and the country can't afford to forget about those that do. A recently issued Transactional Records Access Clearinghouse (TRAC) report 2016 TNT 52-44: Washington Roundup reflects the decreased time IRS agents are spending on auditing large corporations (defined as those having $250 million or more in assets). Based on documents obtained from the IRS through Freedom of Information Act suits, the TRAC report states that the total revenue agent hours spent on large corporations dropped by 34 percent from fiscal 2010 to fiscal 2015. The report showed a staggering 64 percent corresponding loss in tax revenue for the same period. And this year isn't promising to be any better. So far in 2016, the number of business audits conducted by the IRS's Large Business and International Division is 22 percent lower than for the same period in 2015, the report states.
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