Numbers that tell the story — IRS data, filing statistics, and what the figures reveal about taxes in America.
Of course, more folks are e-filing. It’s fast, it’s easy. And with more folks than ever with internet and computer access, it’s to be expected. But. And you knew there would be a but. Here’s my cynical take… You’ll note fewer taxpayers filing generally, down a whopping 12 million this year. There’s a bump in…
The IRS amnesty program for taxpayers who had previously failed to disclose income from offshore accounts ended last week on October 15. By all accounts, it was wildly successful. According to IRS Commish Doug Shulman, nearly 7,500 taxpayers came forward to make voluntarily disclosures in hopes of avoiding criminal prosecutions. Dollar amounts ranged from $10,000…
The good news: nearly 50% of American households (47%, to be precise) won’t pay any federal income tax in 2009. The bad news: the remaining 50% (or so) will have to foot the bill for everyone. You can thank (or blame) the new economic recovery package for bumping the percentage of taxpayers who won’t be…
The sky is falling! The sky is falling! Okay, not really. But revenues are falling. And it feels just as dramatic. As the economy slowly begins to recover, another challenge looms on the horizon: how to pay for this “stimulus.” Cash for Clunkers? Stimulus checks for the disabled? TARP relief for banks? Extended unemployment benefits?…
We have a winner! See comments! Our next tax trivia question is: For the 2006 tax year, which state’s population filed the fewest number of individual tax returns reporting adjusted gross income of more than $1 million? Don’t forget: the first correct answer wins free CCH tax prep software. What’s your guess?
According to the Government Accountability Office, in any given year, at least 60% of US corporations surveyed paid no federal income tax liability for 1998 to 2005 (the years studied). That statistic includes corporations of varied sizes. If the trends in the survey are accurate, nearly one quarter of large US corporations don’t pay any…
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 IRS…
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. It was…
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…
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 than 55,000…