Tax Stats: December 2012

Our monthly collection of statistics from the world of tax, from Beyond415

Our fourth stat for December breaks down where most individual tax penalties are issued.

In 2011, the IRS issued 28.7 million penalties to individual taxpayers. Three penalties -- the failure to file, failure to pay, and estimated tax penalties -- make up almost 98 percent issued to individual taxpayers.

Source: Beyond415; IRS Data Book, 2011

In 2011, the IRS issued more than 38.6 million penalties -- with more than 74 percent going to individual taxpayers.

Source: Beyond415; IRS Data Book, 2011

During the past 30 years, IRS interest rates on underpayments have lowered from 20 percent at the end of 1982 to just 3 percent in 2012 — making an IRS loan very inexpensive.

Source: Beyond415; U.S. Federal Register

For 2011 returns filed through July 2012, high-income individuals reported substantially higher capital gain income as a percentage of adjusted gross income. More than 120 million returns have been filed for 2011 with AGI of less than $100,000. Of those, the average percentage of capital gain income was 0.03 percent. Through July, 2,789 individuals filed for 2011 with AGI of more than $10 million. Those returns present a sharp contrast, with capital gain income representing, on average, more than 38 percent of AGI.

Source: Beyond415; IRS, Cumulative 2012 filing season information for returns processed through July 19, 2012

The 2016 MP Elite

The fifth edition of our annual report highlights eight outstanding accounting firm leaders.

View the slideshow >>

CPAs Giving Back

Illinois CPA Society holds its 7th annual CPA Day of Service

View the slideshow >>

10 Habits That Threaten Your Firm’s Data Security

EFilecabinet CEO Benoy Tamang shares the bad practices that are endangering your firm’s and your clients’ critical information

View the slideshow >>

7 Things You Need to Know About Private Tax Collectors

H&R Block’s Jim Buttonow shares critical facts about the upcoming IRS program

View the slideshow >>

10 Ways to Turn Accountants into Consultants

Maureen Schwartz, executive director of the accounting association BKR International, and some of her colleagues describe 10 ways that firms can turn even the newest accountant into a better consultant.

View the slideshow >>

The Top People in Public Accounting – 2016

The most influential people in the field of accounting, as chosen by their peers

View the slideshow >>

Top 10 Productivity Tools for Accountants

Leaders in the field pick their favorite efficiency-enhancers

View the slideshow >>

ACA Pitfalls for 2016

7 questions to help protect your business clients

View the slideshow >>

Xero Recognizes Outstanding Partners at Xerocon 2016

Every year, Xero recognizes app, bookkeeping and accounting partners that have performed well the previous year. These are the 2016 award winners.

View the slideshow >>

The HR Helpline

Consultants Tamera Loerzel and Jennifer Wilson of ConvergenceCoaching answer tough HR questions.

View the slideshow >>