Brace for small corporation audits — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Brace for small corporation audits

Get PDF file

by on
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)

Related Articles...

Leave a Comment

Previous post:

Next post: