IRS issues fewer agency audits aimed at large corporations, according to new TRAC reportApril 13, 2005Jaime Winne Alvarez jlwinne@syr.edu
New IRS data show fewer agency audits aimed at large corporations providing investment advice, banking and credit services and insurance, compared tocorporations in other businesses. The disparities, documented in previously undisclosed data obtained and analyzed by the Transactional Records Access Clearinghouse (TRAC) at SU, concern corporations with $250 million or more in assets.
The data were part of TRAC’s 10th annual report on the IRS. TRAC was established in 1989 to provide the American people, oversight institutions, news organizations and others with comprehensive information about the activities of the federal government and the communities in which these activities take place.
At one extreme are the large corporations providing financial services. Less than one in five were audited in FY 2002, 2003 and 2004. At the other extreme are the large corporations involved in agriculture, mining and construction, or heavy manufacturing and transportation. There, 100 percent were audited during the same time period.
Considered as a whole, the corporations with $250 million or more in assets are a major force in the economy, controlling 90 percent of all corporate assets and 87 percent of all corporate income. Despite their dominant role, the new IRS data document that on an overall basis only about one in three were audited.
Other data show that despite recent IRS claims that it is vigorously enforcing tax laws, the audit rate for all corporations has continued to decline along with face-to-face audits of wealthy taxpayers.
To view TRAC’s IRS Report, visit http://trac.syr.edu/tracirs/index.html. TRAC obtains much of its data through use of the Freedom of Information Act. Its data and findings are made available through its public Web site. For more information, contact TRAC co-directors David Burnham and Susan Long at (315) 443-3563.
We want to know how you experience Syracuse University. Take a photo and share it with us. We select photos from a variety of sources. Submit photos of your University experience using #SyracuseU on social media, fill out a submission…
Standing before an audience of fellow Maxwell School alumni gathered in Washington, D.C., for the second annual Maxwell Awards of Excellence, CNN anchor Boris Sanchez ’09 shared the motivation behind his work as a journalist. Sanchez emigrated from Cuba as…
Sean O’Keefe, University Professor in the Maxwell School, was interviewed for the USA Today article “Twenty years later, loss of space shuttle Columbia still teaches us lessons.” The article emphasizes how NASA’s Memorial Grove is used to honor late astronauts,…
Rodney Paul, director and professor of sport analytics in the Falk School, was quoted in the Washington Examiner story “The economics of the Super Bowl: Hosting, gambling, ads, and more.” The article talks in-depth about all of the economics that…
Arlene Kanter, director of the Disability and Policy Program and professor in the College of Law, was interviewed for the Business Insider article “Some CEOs are pushing workers to return to the office, but it could come with a cost:…
If you need help with your subscription, contact sunews@syr.edu.
