IRS auditing only half of giant corporations

Posted 4/10/2018

During fiscal 2017, the IRS audited just over half of the companies it would define as “corporate giants”, compared to almost all of them in 2010. A study from Syracuse University’s Transactional Records Access Clearinghouse found that 54% of companies with $20bn or more in assets were audited, compared to 76% in 2016 and 96% in 2010. The 331 audits that were conducted of the corporate giants last year uncovered $10.4bn in federal taxes that had not been previously reported. The reduction in audits is largely due to budget cuts at the IRS, which have severely reduced the number of available IRS revenue agents who could audit both corporations and individuals.

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