The thoroughness of Internal Revenue Service enforcement efforts for the nation’s largest corporations, measured by the number of hours devoted to each audit, has substantially declined since Fiscal 2002, according to data obtained by the Transactional Records Access Clearinghouse.
The data also show that the annual audit rate for these corporations, all with assets of $250 million or more, while increasing in FY 2004 and 2005 has now receded to about the level it was in 2002 and is much lower than levels that prevailed a decade ago. Although the number of the largest corporations is small, these corporations play a significant role in the American economy. In a recent year, said TRAC, they controlled 90 percent of all corporate assets and received 87 percent of all the corporate income.
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