Financial Industry Avoids IRS Audits

Friday, April 10, 2009

Next Wednesday is Tax Day in America—the day dreaded by almost everyone. Unless you’re part of the billion-dollar financial industry that has been lambasted for tanking the economy. According to The Center for Public Integrity, banks and other financial powerhouses have a 9% chance of being audited by the IRS, while other industries’ chances are more than double (19%), based on numbers from FY 2008. Apparently, the IRS doesn’t allocate a lot of resources to reviewing the books of financial institutions, even though the industry has a tendency not to comply with tax regulations and under-report certain financial details, according to a study by the Syracuse University-based Transactional Records Access Clearinghouse’s IRS section.

-Noel Brinkerhoff
 
Financial Industry Getting Off Easy on IRS Audits (by Nick Schwellenbach, Center for Public Integrity)

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