TRAC: IRS Audit Rate of Large Companies Continues to Plummet

The Transactional Records Access Clearinghouse at Syracuse University today released a report,   Despite Rising Deficits, IRS Audits of the Largest and Richest Corporations Decline:

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....

Among corporations reporting assets of $250 million or more, the IRS since FY 2005 has cut back by a third (33%) 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% since 2005.

• ABC News, IRS Audits Fewer Corporate Taxpayers
• Forbes, IRS Audits Small Biz More, Big Guys Less
• New York Times, Tax Audits of Big Business Are Declining, Study Says