Nonprofit charitable tax-exempt organizations filed 313,121 information returns for tax year 2007, according to new statistics released by the Internal Revenue Service, an increase of 4 percent from 2006.
The organizations held nearly $2.7 trillion in assets, an increase of 5 percent from the previous year. They reported $1.4 trillion in revenue, more than two-thirds of which came from program services. The figures were reported in the IRS’s Fall 2010 Statistics of Income Bulletin.
The IRS also reported in the bulletin on partnership returns and individual income tax returns from 2008. Between tax years 2007 and 2008, the number of partnerships increased 1.6 percent, from 3,096,334 to 3,146,006. The number of partners increased by 4.2 percent, from 18,515,694 in 2007 to 19,300,250 in 2008. Partners classified as individuals reported the largest share of income (loss) allocated to partners, receiving $231.6 billion. Partners classified as corporations received only $52.2 billion, a significant decrease from the $433.7 billion received for 2007.
Taxpayers filed 142.5 million individual income tax returns for tax year 2008, a slight decrease of
0.4 percent from the 143.0 million returns filed for TY 2007. The adjusted gross income less deficit reported on these returns totaled $8.3 trillion, a 4.9-percent decrease from the previous year. This was the first drop in AGI since 2002. Only a few income items increased during 2008, including total rental and royalty net income (less loss), taxable Individual Retirement Account distributions, and taxable pensions and annuities, which increased 59.6 percent, 9.6 percent, and 3.2 percent, respectively.
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