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IRS revamps audit procedures

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in Small Business Tax

The IRS will be revising its audit strategy in the coming years. Key change: Instead of waiting several years to do massive numbers of line-by-line exams, it will focus on a few thousand random audits each year.

This will allow the examiners to have a “fresh look” at new data on an annual basis. It should also help the IRS pinpoint potential problem spots faster than before.

Bottom line: The IRS needs to do things differently to help close the perceived $300 billion tax gap.

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