IRS begins revamping corporate taxpayer audit process

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On March 26, the IRS announced that it intends to reduce the amount of resources devoted to large corporate audits (i.e., corporate taxpayers with assets of $1 billion or more), and to redeploy those savings to examinations of flow-throughs, financial products and businesses with either international operations or assets of $250 million or less. This would result in a substantial shift in IRS behavior - in 2010 the IRS audited 96 percent of returns filed by corporations with assets of $20 billion or more, and just 12 percent of businesses with assets of $250 million or less.


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