IRS audit rates of large corporations hit 10-year low

http://www.usatoday.com/story/money/2016/02/22/irs-audit-rates-of-large-corporations-hit-10-year-low/80614272/

Large U.S. corporations had a good tax-filing season in 2015. Firms with at least $10 million in assets faced the lowest IRS audit rates in at least a decade as the tax agency coped with staffing declines, new data show.

Audit rates of tax-exempt organizations also fell to their lowest rate in more than ten years, the IRS statistics show, mirroring declines in audits of tax returns filed by individuals.

As a result, IRS collections of audit-related revenue fell to $7.32 billion in fiscal year 2015, the lowest level in 13 years. The agency projects the collection decline will continue, affecting the overall federal budget, because enforcement personnel levels last year also dropped to the lowest headcount in more than a decade.