Small Businesses to Give Input on Audits


Small Businesses to Give Input on Audits

The IRS has launched the Small Business/Self-Employed (SB/SE) Exam Reengineering Project to improve the audit process for small-business owners and self-employed individuals by reducing audit times, ensuring fairness in the process and encouraging tax compliance.

IRS project teams will interview other IRS employees and members of small-business and tax practitioner groups to get feedback and suggestions about the agency’s audit process. The IRS hopes that by using the diversity and expertise found in the private sector it can significantly improve the audit selection process and begin implementing changes in fiscal year 2002.

The SB/SE division serves 45 million taxpayers including small-business owners and self-employed individuals. These two groups contribute $915 billion in taxes annually and consist of 7 million small businesses, corporations and partnerships and 33 million self-employed and supplemental income earners. More information can be found at www.irs.gov . (IR-2001-68)

SPONSORED VIDEO

How KPMG is innovating the audit

KPMG's global audit team is using cognitive technology and alliances with tech and university partners to drive audit innovation. See how.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.