IRS Spending More Time Auditing Small Businesses

Syracuse University's Transactional Records Access Clearinghouse (TRAC) highlights an upsetting fact in a new report. As if April 15 isn’t stressful enough for small-business owners, over the last five years, the Internal Revenue Service has increased the hours it spends auditing small businesses with less than $10 million in assets, by 30%, while in the mean time reducing the time it spends auditing large corporations with $250 million or more in assets by 33%. During the same period, audit hours devoted to mid-size corporations ($10 million to $250 million in assets) grew by 13%.

The author of this article on Forbes.com, Dean Zerbe, says he has “just scratched the surface of this insightful report, which should be available to the general public Monday morning, [April 19th, 2010] at TRACs website."

Read Dean Zerbe’s full article about this audit increase here: IRS Audits Small Biz More, Big Guys Less Forbes.com.