Free Site Registration


Tax Stats: September 2012

Our monthly collection of statistics from the world of tax

Our fourth tax stat for September features some highlights from Mitt Romney's tax returns, including his recently released 2011 return.

Some highlights of Republican presidential candidate Mitt Romney's 2010 and 2011 tax returns.

The number of Form 1040 and 1040 A returns filed during the past 20 years has increased by 21 percent and 59 percent, respectively. Filings of Forms 1040EZ, the simplest individual return, have decreased by 3 percent. With an average of 442 Tax Code changes per year during the past 10 years, the increasingly complex code makes it more and more difficult for taxpayers to file simple returns.

Source: Beyond415; IRS SOI Tax Stats - Individual Income Tax Returns Publication 1304

This stat needs two charts -- the first, above, to show the relatively sedate growth of about 26 percent in the total number of individual tax returns filed from 1990 to 2010. That pales in comparison to the growth in amended returns filed.

Source: Beyond415; IRS Publication 6186 and Statistics of Income Bulletins

Advertisement

Between 1990 and 2012, the number of amended returns increased 409 percent, compared to a mere 26 percent increase in individual returns filed over the same period. There are many reasons for this increase, including Tax Code complexity, late changes to tax laws, more information statements, and more post-filing compliance activity.

Source: Beyond415; IRS Publication 6186 and Statistics of Incomes

In tax year 2010, the IRS processed about 1.5 million tax returns with potentially fraudulent tax refunds, totaling $5.2 billion. Sixty-four percent of tax identity theft victims are individuals without a filing requirement. Tax ID thieves also target the elderly, students, and even children to obtain Social Security numbers to produce false tax returns. With the substantial cost of fraudulent returns, the IRS will likely scrutinize tax returns more thoroughly -- and take longer to issue legitimate refunds.

Source: Beyond415; TIGTA Report on Undetected Tax Refund Fraud from Identity Theft (July 2012)



More Taxpayer Misconceptions

Apparently, there’s no end to the ridiculous things taxpayers believe

View the slideshow >>


Dumbest Employee Excuses for Being Late

Running a little late could have big repercussions, especially at a firm in the midst of busy season. From escaped zebras to must-see TV, employers told CareerBuilder some of the most memorable excuses they've heard from tardy employees.

View the slideshow >>


Common Taxpayer Misconceptions

The NAEA’s collection of ridiculous things tax clients believe

View the slideshow >>


The 10 Fastest-Growing Firms in the U.S.

The firms with the highest 2013 revenue growth in our Top 100 Firms/Regional Leaders list

View the slideshow >>


Top 10 Tech Trends for 2014

As companies gain more affordable access to new technology and platforms, they also seek to make smarter investments. As we begin 2014, James Cashin, partner at McGladrey, has identified 10 common strategies in how companies are capitalizing on their IT investments to best implement process improvements and increase performance.

View the slideshow >>


Most Unusual Sales Tax Changes Last Year

The Tax & Accounting business of Thomson Reuters has compiled its annual sampling of quirky sales tax changes passed or implemented in 2013.

View the slideshow >>


Strangest Tax Deductions

The Minnesota Society of CPAs recently conducted its annual CPA member survey about the most strange and unusual tax deductions proposed by clients. The responses included everything from pets and wedding rings to gifts not given.

View the slideshow >>


A Taxpayer Bill of Rights?

The Taxpayer Advocate proposes a list of rights — and responsibilities

View the slideshow >>


The Top Stories in Accounting in 2013

Our editors’ picks for the biggest stories in accounting in 2013

View the slideshow >>


10 Ways to Attract Talent and Show Off Your Firm’s Assets

Is your firm attracting the right kind of candidates—or any candidates? Dawn Wagenaar, a principal at the accounting and professional consulting agency, Ingenuity Marketing Group, offers 10 ways for firms to attract the hottest talent.

View the slideshow >>



Advertisement

Advertisement

Advertisement

Advertisement