Tax Audits news and trends

IRS Corporate Audits Drop 71 Pct, Individual Audits Fall 65 Pct
Taxes // June 29, 2020

The number of tax audits on corporations plunged amid the pandemic, with the IRS saying in the National Taxpayer Advocate’s “Objectives Report to Congress” report for Fiscal Year 2021 that it began 716 corporate examinations from April 1 to June 1 this year compared to...

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Penalties Loom Large for Unclaimed Property Reporting Missteps

November 06, 2024
Tax season is officially over — even the Oct. 15 extension deadline has come and gone. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to […]

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IRS Corporate Audits Drop 71 Pct, Individual Audits Fall 65 Pct

June 29, 2020
The number of tax audits on corporations plunged amid the pandemic, with the IRS saying in the National Taxpayer Advocate’s “Objectives Report to Congress” report for Fiscal Year 2021 that it began 716 corporate examinations from April 1 to June 1 this year compared to 2,445 during the same time last year, a 71 percent […]