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IPFS News Link • TAXES: Federal

IRS to expand audits as cash runs low

The Internal Revenue Service, trying to recoup some of the estimated $14 billion that companies underpay in employer taxes each year, plans to wage a three-year campaign to audit 6,000 businesses.


The cash-strapped government, which separately said it wants to put a levy on large financial companies that received bailouts, will zero in on worker classification, fringe benefits, reimbursed expenses and executive compensation. The selection of the audited companies will be random, and both big and small businesses will be scrutinized. 

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