Numbers that tell the story — IRS data, filing statistics, and what the figures reveal about taxes in America.
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…
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 Contributions, 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…
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…
While the new year started for most folks on January 1, the new tax year begins for IRS on today, January 3. Just this week, the IRS will send 17.7 million 1040 tax packages to taxpayers who have previously filed paper returns. This number is on the decline as more taxpayers opt for electronic filing….
Uncle Sam, that is. CNN.com reported today that tax audits are up 20%. Key on the Service’s “hit list” are small businesses. It’s difficult to tell whether the increase in small business audits is linked to the focus on s corporations, which I blogged about before but I wouldn’t be surprised. High-income individuals are also…
From the Pennsylvania Revenue Department: REVENUE DEPARTMENT RELEASES JULY COLLECTIONS HARRISBURG: Secretary of Revenue Gregory C. Fajt today reported that the state collected $1.7 billion in General Fund revenue in July, the first month of the 2005-2006 fiscal year. Sales Tax receipts totaled $781.5 million; Personal Income Tax revenue was $635.8 million; and Corporation Tax…