Tax Stats: June 2012

Our monthly collection of statistics from the world of tax

Our second tax stat for June shows why so much effort at the IRS is going into automated systems -- they bring in more money.

Systems, it seems, are more efficient than people: IRS field audits yield by far the lowest ROI. So it's a good thing the service did only 525,000 of them (for 1040s only), compared to 1.2 million mail audits, and 4.7 million CP 2000 notices.

Source: Beyond415

Automated matching systems at the IRS send out millions of notices of underpayment to taxpayers, and add $6.5 billion annually to the U.S. Treasury -- but they're not as scary as they seem: Fully a third of notices result in no additional tax.

Source: Beyond415



8 Last-Minute Tax Tips

With minutes counting down to this year's tax deadline, clients (and many of their accountants) are scrambling to get paperwork wrapped up on time. But many financial and tax professionals caution that in the heat of the moment, even the most knowledgeable can forget the basics – never mind easy-to-miss, specialized strategies.

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Taxpayers Gone Wrong

Tax pros share their clients’ worst ideas about taxes

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Is Your Firm in Danger?

11 ways to protect your practice from liability

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Most Suspicious IRS Audit Triggers

The Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS if they apply to your clients' tax returns.

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Top 7 Retention Tactics

The Top 100 Firms get creative when trying to retain top talent.

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Top 10 Recruiting Tactics

The Top 100 Firms share their best strategies.

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The Fastest-Growing Firms in the U.S.

The firms with the highest 2014 revenue growth in our Top 100 Firms/Regional Leaders list

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Where the Wealthy Go to School

Looking for rich clients? Here's a ranking of the top U.S. universities by number of ultra-wealthy alumni.

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Secrets in the 1040

7 things you can learn during tax prep to build a stronger client relationship

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The Dirty Dozen Tax Scams

The IRS’s annual pick of the worst of the worst

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