Report: IRS to Increase Audits of Prior- and Subsequent-Year Tax Returns
by Joseph M. Donegan on September 25, 2013
The Internal Revenue Service announced its plans to conduct more correspondence audits of those with prior- and subsequent-year tax returns of non-compliant income tax filing, according to a new government report.
The Treasury Inspector General for Tax Administration published new data that reveals the federal tax agency's plans to expand the number of correspondence audits currently carried out, namely because these types of audits provide it with a cost-effective way of determining whether high net-worth individuals or business owners are underreporting their taxes or committing other tax law violations. The report, which specifically examined the audit process in the IRS's Small Business/Self-Employed Division, noted that filing checks may be strengthened in the coming
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