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.
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.
Klatzkin & Co.ís Stephen Klein shares the biggest mistakes business owners make
Tax pros share their most confusing forms, clients and more
Tax pros share their pre-season to-do lists
The Minnesota Society of Certified Public Accountants recently surveyed its CPA members in public accounting on the most outrageous tax deductions clients tried to take on their tax returns. The resulting list shows that, more often than not, clients just donít know which deductions are allowed.
Critical legislation and court decisions from last year
Our editorsí picks for what made news in the profession this year
An inside look at some of the best midsized and large workplaces in accounting
An inside look at some of the best small workplaces in accounting
Helping clients make minimum distributions go further
Your peers' predictions for the next year in accounting