IRS audits less than 1 percent of big partnerships

Associated Press ^ | Apr 17, 2014 6:24 PM EDT | Stephen Ohlemacher

[Olog-hai]

The Internal Revenue Service audits fewer than 1 percent of large business partnerships, according to a government report released Tuesday.

That means some of Wall Street’s largest hedge funds and private equity firms are largely escaping close scrutiny by the IRS, said Sen. Carl Levin, D-Mich.

The Government Accountability Office says the number of large businesses organized as partnerships has more than tripled since 2002, yet hardly any get audited. In 2012, only 0.8 percent were subjected to field exams in which agents do a thorough review of books and records. …

[Luke21]

Asspress covering for one of their favorite agencies.

[Olog-hai]

So it seems.