(Washington Post) The chance of your small business being audited is pretty darn low.
According to this analysis on MarketWatch from earlier this year, small businesses with less than $10 million in assets who filed a “C-Corporation” return in 2014 faced a 1 percent chance of being audited. That number goes down to 0.4 percent for those of us filing “S-Corporation,” partnership or multi-member Limited Liability Corporation or LLC returns.
Could it go lower?
The Daily Mail reports that recently announced planned layoffs at three IRS processing centers would result in a loss of 7,000 jobs or 8 percent of its 84,000 member workforce between now and 2024. The jobs will not be replaced.
Cost savings over five years for shutting down centers in Covington, Ky., Fresno, Calif. and Austin, Texas are projected to total about $266 million with subsequent savings over $53 million, the IRS said in another report. This should please the hard-liners in Congress who have been successful in decreasing the agency’s budget by $900 million and 17,000 positions since 2010.
