Washington (Oct. 22, 2003) -- The IRS’ Large and Midsize Business Division is putting faster audits on the front burner for 2004, according to agency officials.

John Petrella Jr., industry director of the heavy manufacturing and transportation group in LMSB, told the Tax Executive Institute’s annual conference this week that audit speed is “critical to the success of LMSB,” according to a report in Tax Analysts.

He said the average audit time for a large business is 60 months, and for a medium-size company, 30 months. "We believe that is too long."

TEI executives met with IRS Commissioner Mark Everson a month ago in an "introductory meeting" at which each side established that the five-year average it takes the IRS to complete audits should be shortened.

-- WebCPA staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access