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REMINDER:
Estimated Income Taxes Due April 17
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If you are subject to individual estimated tax payments, your 2012 first quarter federal and any required state payments are due and payable by April 17, 2012.
Reminder: Certain taxpayers are required to submit their California income tax payments electronically.
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Where's My Refund?
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1. Visit the Where's My Refund website. 2. Check out the E-File Refund Cycle sheet posted by the IRS. |
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| April 2012 Tax Newsletter |
Greetings!
Tax time for most is winding to an end. With April 17 being the filing deadline this year, now is the time to ask those final tax questions and meet with your CPA. |
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Latest IRS Data Book shows jump in higher-income/small business audit rates
The recently released 2011 IRS Data Book provides statistical information on IRS examinations, collections, and other activities for the most recent fiscal year ended in 2011. The 2011 Data Book statistics, when compared to the 2010 version, shows, among other things, a notable increase in the odds of being audited within several high-income categories.
Individual taxpayers collectively were audited at a 1.1% rate over the FY 2011 period, based on 1,564,690 audited returns out of the 140,837,499 returns that were filed. While this rate is about the same as in 2010, variations occurred within the income ranges. An uptick was particularly noticeable in the upper brackets.
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No AGI: 3.42% (3.19% in 2010)
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Under $25K: 1.22% (1.18% in 2010)
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$25K-$50K: 0.73% (0.73% in 2010)
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$50K-$75K: 0.83% (0.78% in 2010)
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$75K-$100K: 0.82% (0.64% in 2010)
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$100K-$200K: 1.00% (0.71% in 2010)
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$200K-$500K: 2.66% (1.92% in 2010)
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$500K-$1M: 5.38% (3.37% in 2010)
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$1M-$5M: 11.80% (6.67% in 2010)
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$5M-$10M: 20.75% (11.55% in 2010)
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$10M and over: 29.93% (18.38% in 2010)
Corporate/other returns
The audit rates for corporations are consistent with the deficiency experience that the IRS has had examining corporations of varying sizes. Some selected audit rates include:
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For small corporations showing total assets of $250K to $1M, the audit rate for FY 2011 was 1.6% (1.4% in 2010); $1M to $5 million, the rate was 1.9% (1.7% in 2010), and for $5M to $10M, the rate was 2.6% (3% in 2010).
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For larger corporations showing total assets of $10M-$50M, the audit rate was 13.3% (13.4% in 2010) in contrast to those at the top end with total assets from $5B to $20B (50.5% (45.3% in 2010)).
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For S corporations and partnerships, the overall audit rate was 0.4% (same as in 2010), in contrast to an overall 1.5% rate for corporations (1.4% in 2010).
To view the complete IRS Data Book, click here. |
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John Jones Leads Team of Rotarians to Nicaragua
From February 3 thru the 10th, John led a team of 22 Rotarians and friends from northern California into the jungles of Nicaragua for an eye and dental mission. The team included four dentists plus assistants. The dental team examined 107 patients, did 260 extractions and 55 fillings. The eye care team examined 787 patients and dispensed over 1,000 pair of prescription distance and reading eyeglasses along with sunglasses. Nicaragua is the 2nd poorest country in the Western hemisphere, with Haiti being the poorest.
This region of Nicaragua is rarely served by medical teams because of the difficulty in getting into the villages with swollen rivers and muddy roads always an issue. John has been in Rotary for over 30 years and used his Rotary connections in Barcelona for Alliott Group's Giving Something Back Program at the October 2011 Worldwide Conference in Barcelona. John is the managing partner here at Linkenheimer LLP CPAs & Advisors in Santa Rosa, CA.
For additional photos, click here.
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Tax time is here, and we are here to help you through it.
Sincerely,
Chris Jones
Marketing Director
Linkenheimer LLP CPAs & Advisors |
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