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.
A short history lesson about Black Americans who became CPAs after they were told that it wasn't possible.
Beware of some common reporting mistakes of W-2 and 1099 reporting to avoid tax penalties.
Self-created obstacles to growth
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.
Tax pros share their clients’ worst ideas about taxes
11 ways to protect your practice from liability
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.
The Top 100 Firms get creative when trying to retain top talent.
The Top 100 Firms share their best strategies.
The firms with the highest 2014 revenue growth in our Top 100 Firms/Regional Leaders list