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.
Short, useful reads for the profession
A slideshow of innovative social media from the accounting profession
Accountants from all walks of life are now on trading cards.
A biennial AICPA survey reveals what’s keeping firms up at night
Eight issues that companies looking to implement mobile accounting should consider.
The most common errors tax pros run across in prior years' returns
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.