IRS Wasting Millions on Audits With No Results, Watchdog Says
- 47% of audits on large companies found no added taxes due
- Report found IRS ‘not examining the most productive cases’
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The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog.
Almost half -- 47.2% -- of the audits on large companies from fiscal years 2016 through 2018 resulted in the IRS concluding that no additional tax was due, the Treasury Inspector General for Tax Administration said in a report released on Thursday.