CPA Trendlines

Financial service firms — banks, investment advisors, insurance companies, etc. — account for three-quarters of the tax returns filed by all large corporations.

So why, then, is the IRS allocating only 15% of its corporate revenue agents to the sector? Especially considering that when audits are performed, the IRS reaps outsized gains?

The apparently lopsided distribution of revenue agents to the financial services group is described in a TRAC report based on documents and data obtained under the Freedom of Information Act. The report is available at http://trac.syr.edu/tracirs/newfindings/v14/

Posted April 6, 2009
Related Topics: audit, Financial services, Internal Revenue Service, IRS, tax, Tax return