Despite a growing federal deficit, IRS audit efforts aimed at the nation’s largest corporations have precipitously declined in the last few years and now are at an all time low, according to the analysis of agency data by the Transactional Records Access Clearinghouse (TRAC).
Among corporations reporting assets of $250 million or more, the IRS since FY 2005 has cut back by a third (33 percent) the hours it spends examining their books. IRS has also sharply reduced the number of large corporate returns it examines — these audits have fallen by 22 percent since 2005
Continue reading Despite Rising Deficits, IRS Audits of the?Largest and Richest Corporations Decline
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