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.
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. Their responses included everything from pets and weddings to cars impounded by the police.
Technology will give fraudsters an edge in 2015, but it will also provide new tools for organizations and investigators, according to three experts from the Association of Certified Fraud Examiners who were asked for their top fraud predictions for 2015.
Preparing your office for the race to April 15
Our editors’ picks for the biggest technology stories in 2014.
Our editors’ picks for what made news in the profession this year
Our editors’ picks for the biggest stories of the year in tax
The Tax & Accounting business of Thomson Reuters has rounded up its annual list of quirky sales tax laws for 2014.
Affordable Care Act-related tax issues await CPAs and those who prepare their own returns this upcoming tax season, according to the National Conference of CPA Practitioners.
Don't go to work without these 10 apps every business-minded CPA should have on their smart devices.
Your peers' predictions for the next year in accounting