Construction Accounting Article -
IRS Launches Study of S Corporation Reporting Compliance
Target Audience: Construction Industry Professionals, Internal Revenue Service (IRS) Regulations Interest, S Corporations, Tax Return Filers
On July 25 th, the Internal Revenue Service officials announced the launch of a study to assess the reporting compliance of S corporations. The study, carried out under the National Research Program (NRP), will examine 5,000 randomly selected S corporation returns from tax years 2003 and 2004.
Program officials expect these audits to begin later this year.
The results of the NRP study will be used to more accurately gauge the extent to which the income, deductions and credits from S corporations are properly reported on returns filed by the flow through corporations and their shareholders. When completed, this research will assist the IRS in selecting and auditing S corporation returns with greater compliance risk.
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