According to a recent report by Accounting Today magazine, small businesses are being targeted for tougher scrutiny from the IRS. The report references a new study by the nonpartisan Transactional Records Access Clearinghouse (TRAC) at Syracuse University.
TRAC researchers noted that federal tax audits of small businesses with between $10 million and $50 million in assets increased 29% from 2005 to 2007. Firms with assets of less than $10 million were 41% more likely to be investigated by the IRS. Conversely, corporate giants with more than $250 million in assets were 40% less likely to be audited.
This trend seems to indicate the IRS is shifting greater focus to the small fries.
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