US IRS audits of tax-exempt bonds up, tax recovered down-agency
The U.S. Internal Revenue Service more than doubled its audits of tax-exempt municipal bonds from fiscal year 2005 to 2010, but the amount of taxes collected as a result of the audits declined. The tax-collecting agency increased staff to do the audits and spends "substantial" time auditing bonds that are meeting their tax-exempt requirements, resulting in no new taxes collected, according to a report from the Treasury Inspector General for Tax Administration.
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