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Article Date:
June 2006


Word Count:
297

 

 

IRS Doubles Audits of Sole Proprietors and Independent Contractors


The IRS 2005 Data Book contains a variety of IRS data, including its audit coverage for fiscal year 2005. Fulfilling its promise to focus more on business audits, the IRS doubled its audits of Form 1040-Schedule C taxpayers and S corporation returns.1

 

The IRS keeps its audit statistics by total gross receipts for Schedule C returns. Here are the audit rates for 2005:2

 

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3.68% if gross receipts are under $25,000

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2.21% if gross receipts are $25,000 to $100,000

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3.65% if gross receipts are $100,000 ... Log in to view full article.

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