The IRS has reported that as of May 3, 2008, more tax returns had been processed than at the same time last year. How many more? About 15 million more to nearly 142 million, an increase of about 11%.
And despite what those hold times felt like, the number of phone calls answered by […]
The semester before I left for law school, my best friend, Bren, and I packed our stuff into my old Buick Regal (the former family car), affectionately named “Bessie” because she looked like a cow. We were on a mission to examine East Coast law schools that were still on my short list. […]
The IRS Statistics of Income Division has issued a request for paper for its 2008 conference to be held in Washington, DC.
According to the IRS, general topics of interest include tax compliance, taxpayer burden, tax administration, and the nature and behavior of the taxpayer population. For example, we welcome proposed papers about closing the tax […]
A number of the presidential candidates have suggested replacing the current tax system with a more simple program. It feels like it shouldn’t be hard to do since Title 26, the Tax Code, is the largest section of the U.S. Code. To put the laws and related documents on paper now takes more […]
As Congress continues to ponder whether the federal estate tax makes any sense, the Citizens for Tax Justice weighs in with some IRS statistics.
Consider this: In 2004, there were 2,429,024 Americans who died. Only 18,431 of those Americans were required to pay federal estate tax in 2005. If you’re keeping score, that’s .8% - […]
That’s right. The IRS has announced that Zip Code Area tables for Tax Years 2002 and 2004 are available for purchase. That’s right, purchase. If you’re racking your brain to remember, yes, this information used to be available for free (you can see the 2001 data here). The cost is now $25 per state or […]
In 2002, the 7,500 largest foreign corporations controlled by large U.S. multinational corporations held $5.8 trillion in assets and reported receipts of $2.3 trillion. Of these corporations, 28.9% sold goods, 26.1% sold services, and 24.2% were in the finance, insurance and real estate rental and leasing industries.
More than half of foreign corporations controlled by US […]
For tax year 2003 (the most recent tax year for which data is available), individuals reported noncash donations valued at $36.9 billion. These donations were reported on federal form 8283, Noncash Charitable Contribution, which is required when a taxpayer makes noncash donations which exceed a total $500.
Not surprisingly, corporate stock was the largest percentage, […]
Yet again, s corporations are the most popular corporate entity in the US, representing a whopping 61.9% of all corporate entities!
Nearly 3.3 million S corporation returns were filed for the tax year 2003, an increase of 5.9% from 2002. Total net income reported by S corporations increased to $213.7 billion for Tax Year
2003 from $183.5 […]
Because maybe there is somebody watching me. And that somebody is Uncle Sam.
Yep,
fresh off our firm’s annual unemployment compensation audit (we’ve been
chosen almost every year in a random audit - luckily, no worries), I
read today that IRS released a report that more than 1.2 million
individual federal income tax returns (forms 1040) were audited in
fiscal year […]
tax news, tax info and tax policy - and it’s not as boring as you think!
Written by Kelly Phillips Erb [email] for b5media.
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