A Government Accountability Office (GAO) report is questioning whether the IRS can be more efficient when auditing large partnerships, especially those with complicated structures. The GAO defines a large partnership as one with more than $100 million in assets and 100 or more partners. It reports that the number of large partnerships has risen almost 600% from 2002 to 2019, and of the more than 20,000 large partnerships that filed tax returns in 2019, only 54 were selected for audit, a rate of only 0.3%. According to the GAO, over 80% of the audits from tax years 2010 to 2018 resulted in no changes (thus no tax recuperation) on their tax returns. Read the GAO report: https://bit.ly/3OeYhoH
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