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.
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:
| 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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