Free Site Registration


Tax Stats: October 2012

Our monthly collection of statistics from the world of tax, from Beyond415

Our third tax stat for October has the IRS's latest stats on who's practicing before it.

The IRS Return Preparer Office recently released official stats regarding who's practicing before and who holds what designations, as of Oct. 1, 2012. Not included: 545 Enrolled Actuaries and 554 Enrolled Retirement Plan Agents, as well as 57,049 supervised preparers and 45,930 non-1040 preparers.

Source: IRS.gov

The height of estate tax filings was in 2000. Since then, the number of estate tax returns has dropped each year. In 2000, estate taxes made up 1.3 percent of total net taxes collected. In 2011, they represented less than 0.05 percent. Republican presidential candidate Mitt Romney would like to eliminate estate taxes, while President Obama would like to bring estate tax filings back to levels from 2000.

Source: Beyond415; IRS Data Books

In fiscal year 2001, the IRS closed about 538,000 mail audits of individual tax returns, and assessed about $1.4 billion in additional taxes. Ten years later, the IRS more than doubled the number of mail audits, with about 1.2 million correspondence examinations, and $8.7 billion in additional assessed taxes for fiscal year 2011. That represents a more-than-sixfold increase from 2001. With such a high return on investment, the IRS will likely continue to use mail audits to close the tax gap.

Source: Beyond415; Taxpayer Report on Assistance During a Correspondence Audit (September 2012)

Advertisement



The 2014 MP Elite

The third edition of our annual report highlights 10 outstanding accounting firm leaders.

View the slideshow >>


Most Unusual Resume Lies

The pressure to stand out in a sea of applicants may tempt job seekers at accounting firms and other businesses to be less than honest on their resumes. When CareerBuilder asked about the most unusual lie they've ever caught on a resume, employers recalled these doozies.

View the slideshow >>


10 Ways to Be More Memorable

Tips to help professionals stand out (in a good way)

View the slideshow >>


6 Tips to Prevent a Data Breach

The steps businesses should take to protect against a credit card breach, according to the AICPA

View the slideshow >>


7 Signs Your Best Employees Are About to Leave

Tell-tale indicators that your rock stars are eyeing the door

View the slideshow >>


The Top People in Public Accounting - 2014

The most influential people in the field of accounting, as chosen by their peers.

View the slideshow >>


Top 10 Cities for Accounting and Finance Pros

Accounting Principalsí list shows where your next job should be

View the slideshow >>


Most Unusual Things Employees Were Caught Doing When They Should Have Been Working

Productivity can be a big problem, even at major accounting and tax firms and other types of businesses. Employers recently shared some real-life examples with the staffing company CareerBuilders of some of the more unusual things they've seen employees doing when they should have been busy working:

View the slideshow >>


Back-to-School Tax Tips

Rising education costs mean clients canít pass these up

View the slideshow >>


The Top 10 Retirement Issues

Critical challenges facing Americans and their advisors

View the slideshow >>



Subscribe to the Tax Pro Today newsletter
Twitter
Facebook
LinkedIn
Follow Accounting Today