“This is the second in a two-part series of TRAC reports based on IRS information obtained under the FOIA, including a series of court orders requiring the release of hundreds of thousands of pages of internal IRS reports. In the previous report, TRAC documented how in FY 2008 the IRS only allocated 15% of its available revenue agents to the special group within the organization which had the lead authority for examining large and mid-size financial services businesses. This occurred even though these auditors consistently uncovered higher levels of tax underreporing in that area than was noted in other groups…But completely new data — only provided TRAC late on Friday, April 3 — show in concrete terms how the IRS’s disproportionate staffing decisions affected the agency’s actual audit rates for the financial services corporations. Last year, looking at the largest corporations with assets of $250 million or more, nearly two out of every three returns (64%) filed by large corporations outside of the financial services sector were audited by the IRS. In contrast, for the more than 10,000 of large financial services companies, only 15% of them were audited in FY 2008…”