He’s Making a List, and Checking It Twice…
2005 November 4
Uncle Sam, that is. CNN.com reported today that tax audits are up 20%.
Key on the Service’s “hit list” are small businesses. It’s difficult to tell whether the increase in small business audits is linked to the focus on s corporations, which I blogged about before but I wouldn’t be surprised.
High income individuals are also targets for increased audits, it seems, largely due to an increase in high income individuals.
The Service has also reported increases in liens and levies - an increase that I have to agree that I’ve seen at the office.
We’ll have to see whether this is the beginning of a trend - or perhaps just a revenue raising measure?
