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Welcome to the WISE newsletter, a program of
The Falcone Center for Entrepreneurship at Syracuse University
 

Tuesday, August 02, 2005

Article: IRS to Put Focus On S Corporations

The Wall Street Journal reports:

The Internal Revenue Service is planning to conduct special audits of about 5,000 closely held businesses as part of a wide-ranging research program to help combat tax evasion and improve compliance.

These audits, scheduled to begin later this year, will focus on returns filed by a type of business known as an S corporation, IRS officials said this week. With a typical S corporation, the income, losses and deductions flow through directly to shareholders, instead of being taxed at the corporate level.

The IRS notes that S-Corps are "the single most popular corporate entity choice."

Read the full article for more details and reactions to this move by the IRS.

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