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.
Summer is well underway, and now is a great time to help your clients and their dependents with the tax tips in this slideshow written by Michael Sonnenblick of Thomson Reuters Checkpoint.
Tips on how to make working at home pay, from the Illinois CPA Society
The IRS shares some advice on fixing a return
Some of our favorite examples of professionals breaking bad
A look at the many ways different CPA firms are contributing to their communities
Short, useful reads for your summer vacation
Moving to Web-based apps? Get answers to these questions first.
Along with establishing a good work ethic and building time and financial management skills, a summer job also means learning about the obligatory duty of paying taxes. Here are some tips for tax clients with children working summer jobs from Abigail Schaffer, a staff accountant at Kessler Orlean Silver & Co.
The IRS has put together its annual selection of advice for members of the military
Bruce Tulgan shares the best ways to keep your young stars