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Wyden Statement on GAO Report on IRS Audits of Large Partnerships
WASHINGTON - Senate Finance Committee Chairman Ron Wyden, D-Ore., released the following statement regarding a new report by the U.S. Government Accountability Office focused on the inefficiency of IRS audits of the growing number of large partnerships:
“All points lead to the need for comprehensive, bipartisan tax reform and this is yet another example. With a boom in the creation of large partnerships -- increasing 47 percent from 2002 to 2011 – and the decline in traditional C corporations, GAO makes a good case for revisiting how the tax code shields large partnerships from IRS audits. We need a 21st century tax code that is equitable to all taxpayers and the current system for partnerships makes it almost impossible to determine if they are paying their fair share”.
The Government Accountability Office is the investigative arm of Congress. The report, Large Partnerships: With Growing Number of Partnerships, IRS Needs to Improve Audit Efficiency, No. GAO-14-732, can be found here.
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