Washington (July 11, 2003) -- Internal Revenue Service steps to improve its K-1 matching program, including more stringent screening criteria before notices can be sent, may not be enough to reduce the burden on compliant taxpayers, according to a General Accounting Office report.
Because of the significant amount of unreported flow-through income from partnerships, S corporations, estates and trusts, the IRS began in 2001 to match the tax year 2000 Schedule K-1 information against the flow-through income reported on individuals' tax returns.
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