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IRS steps up audits of small businesses
June 12, 2008
The Internal Revenue Service is increasing its audits of small businesses and decreasing the audits of larger firms, according to a new study from Transactional Access Records Clearinghouse at Syracuse University and reported in Fortune magazine.
The report shows that audits of small businesses were audited 21% more in 2007 than in 2005 and that companies with $10 million to $50 million were 29% more likely to be investigated.
Meanwhile, companies with more than $250 million in assets were almost 40% less likely to be audited than in previous years - even though an average audit hour of large firms earned the IRS about $7,500, the Syracuse study found, while a similar hour directed at smaller companies turned up $474.
Posted by Jack Keough on June 12, 2008 | Comments (0)