The Internal Revenue Service is being asked to do more to crack down on tax noncompliance by partnerships and S corporations, including requiring more of them to file their tax returns electronically.
A new report from the Government Accountability Office notes that the full extent of partnership and S corporation income misreporting is unknown. The IRS’s last study of S corporations, using data from 2003 and 2004, estimated that these entities annually misreported approximately 15 percent of their income, an average of $55 billion for 2003 and 2004. The IRS does not have a similar study for partnerships.
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