Despite Internal Revenue Service assertions that it had halted the decline in the government's efforts to police corporate tax non-compliance, the pace of corporate audits is running well below the record-low levels registered in 2003, according to an analysis of IRS data.

IRS data for the first six months of fiscal 2004 show that the annual pace of audits for all corporations has continued to drop, and is running 26 percent below what it was in FY 2003 so far, according to Syracuse University's Transactional Records Access Clearinghouse. Similarly, TRAC reported that the actual hours spent examining corporate tax returns during the first half of the year are running 30 percent below last year's pace.

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