Brace for small corporation audits

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in Small Business Tax

The IRS plans to turn up the heat on smaller corporations, based on a new report from the Treasury Inspector General (TIG).

Beginning in 2011, the IRS intends to conduct 22,000 line-by-line exams of 2009 returns of random corporations with $50 million or less in assets.

The IRS says it will use the data to update its formulas for selecting returns for audits. Reason: According to the TIG report, 32% of  small-to-midsize company audits have resulted in no change. (TIG, Filing Characteristics and Examination Results for Small Business Corporate Returns, 6/11/10)

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