Free Site Registration


Tax Stats: November 2012

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

Our last tax stat for November shows that the IRS knows that the main way the rich are different from you and me really is that they have more money.

Statistically, audit change rates for taxpayers who make more than $1 million in income are lower than rates for taxpayers who make less than $1 million. However, the IRS is 11 times more likely to select high-income taxpayers for audit. For high-income individuals, the IRS averages $141,323 in additional taxes for each return examined. For taxpayers making less than $1 million, the IRS averages only $6,219 in additional taxes for each return examined.

Source: Beyond415; IRS Data Book, Table 9, 2011

Historically, as expected, IRS audits rarely result in a refund due to the taxpayer. In 2011, only 4.2 percent of individual tax return (Form 1040) audits resulted in refunds (66,381 out of 1,564,690 returns). The average refund in these audits was $16,198.

Source: Beyond415; IRS Data Books, 1995-2011

The IRS conducts almost 70 percent of all audits by mail. However, certain taxpayer types are predominantly examined by a person -- an IRS revenue agent. IRS revenue agents more often examine high-income, business and specialty tax taxpayers.

Source: Beyond415; IRS Data Book 2011, Table 9

Advertisement

Surprisingly, almost 80 percent of all audits are conducted on individuals whose income is less than $200,000. Overall, individual taxpayers experience almost 91 percent of all audits conducted by the IRS.

Source: Beyond415; IRS Data Book 2011, Table 9



The 2014 MP Elite

The third edition of our annual report highlights 10 outstanding accounting firm leaders.

View the slideshow >>


Most Unusual Resume Lies

The pressure to stand out in a sea of applicants may tempt job seekers at accounting firms and other businesses to be less than honest on their resumes. When CareerBuilder asked about the most unusual lie they've ever caught on a resume, employers recalled these doozies.

View the slideshow >>


10 Ways to Be More Memorable

Tips to help professionals stand out (in a good way)

View the slideshow >>


6 Tips to Prevent a Data Breach

The steps businesses should take to protect against a credit card breach, according to the AICPA

View the slideshow >>


7 Signs Your Best Employees Are About to Leave

Tell-tale indicators that your rock stars are eyeing the door

View the slideshow >>


The Top People in Public Accounting - 2014

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

View the slideshow >>


Top 10 Cities for Accounting and Finance Pros

Accounting Principalsí list shows where your next job should be

View the slideshow >>


Most Unusual Things Employees Were Caught Doing When They Should Have Been Working

Productivity can be a big problem, even at major accounting and tax firms and other types of businesses. Employers recently shared some real-life examples with the staffing company CareerBuilders of some of the more unusual things they've seen employees doing when they should have been busy working:

View the slideshow >>


Back-to-School Tax Tips

Rising education costs mean clients canít pass these up

View the slideshow >>


The Top 10 Retirement Issues

Critical challenges facing Americans and their advisors

View the slideshow >>



Advertisement

Advertisement

Advertisement

Advertisement