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Article Date:
September 2010


Word Count:
277

 

 

Tax Audits of Small-Business C Corporation Returns Increase by 34 Percent


The Treasury inspector general for tax administration reported a 34 percent increase from 2005 to 2009 in the number of small-business C corporation returns audited by the IRS.1

 

The small-business group consists of C corporations with less than $10 million in assets. Here is the breakdown of the audits by asset class:2

 

 

Corporate Returns Examined

Asset Class

FY 2005

FY 2009

Change

No balance sheet

1,073

1,571

46%

Less than $250,000

4,757

5,348

12%

$250,000 to less than $1 million

2,507

3,693

47%

$1 million to less than $5 million

1,483

2,590

75%

$5 million to less than $10 million

517

696

35%

Total

10,337

13,898

34%

 

More Audits Coming

 

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