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.
Consolidation in the accounting industry has resulted in more accounting firms juggling multiple locations. Maureen Schwartz, executive director of BKR International, provides a top 10 list of challenges as well as guidance for multiple-office practice management.
A step-by-step guide for victims of ID theft (and their advisors)
Philadelphia firm Drucker & Scaccetti creates a warrior mindset
Constant vigilance is the price of fighting online fraud
A WalletHub survey reveals what your clients really think about taxes and more
Greatland Corporation has compiled a list of misconceptions when it comes to tax-reporting requirements. Failing to understand the real truth behind these myths can cost a business extra money to file again or, even worse, to pay steep fines if reporting is not done in compliance with regulations.
The firms with the highest 2015 revenue growth from our Top 100 Firms/Regional Leaders list
Millennials have a very different set of priorities when deciding where they want to work than previous generations. Employers need to ensure they are tailoring their organizations in order to find and keep millennial talent. Here are some suggestions from Henner Schliebs, VP and head of finance audience marketing at SAP.
The 12 most egregious tax scams of the year
While some farms may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If your clients own a farm or ranch, here are 10 tax tips from the IRS.