Mike Lloyd Comments on IRS National Research Program in BNA Daily Report for Executives

"IRS Continues to Keep Close Watch on Audit Program for Insight Into Tax Gap"
BNA Daily Report for Executives
06.23.11Mike Lloyd discusses the IRS National Research Program, which will examine 2,000 tax returns for a three-year period across all divisions and is designed to estimate the tax gap.  For the examination process of employment tax returns, the audits will be randomly chosen and will not be based on any particular red flags or criteria.  Accountable plans, or fringe benefits, come up in almost all employee examinations, Lloyd said.  Accountable plans are an important area in employment tax audits, he added.  After an audit, it is important for taxpayers to file with the state because IRS and states share information, Lloyd said.
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