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IRS audits fewer big financial firms than other heavy industries
An AP summary notes that IRS audits of large financial services firms lag behind other sectors. TRAC data show about 15 percent of financial services companies with 250 million or more in assets were audited from 2002 to 2004, while agriculture and mining saw higher rates. The IRS disputes the findings, saying audits target high risk returns regardless of industry. Deborah Nolan, IRS commissioner for large and midsize business, defends the agency's approach.
MENTIONED IN THIS ARTICLE
Washington
Internal Revenue Service
IRS
Syracuse University
TRAC
Deborah Nolan