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.
The Center for Advanced Systems and Engineering (CASE) has announced the hiring of Jeff Fuchsberg L’10 as its new director. Fuchsberg will contribute to the center’s strategic plan, overseeing the implementation of CASE’s goals while providing leadership and management of…
Today, the USDA released the Household Food Security in the United States in 2021 detailing the level of food insecurity at the national level in 2021 indicating that the level of food insecurity, 10.2%, is unchanged from the level in…
Dear Students: As shared in the July 28 message about fall 2022 public health guidelines, the University has expanded the availability of self-administered COVID test kits for campus community members. I am writing with follow up information to access self-administered…
As wildfires cause increasing devastation worldwide, dozens of fire experts across the nation are joining together in calling for a more strategic and interdisciplinary approach to pursuing wildfire research and protecting vulnerable communities. The paper, “Reimagine Fire Science for the…
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…
If you need help with your subscription, contact sunews@syr.edu.
