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IRS’ 2008 ‘Data Book’ offers key insights into tax returns

by on
in Small Business Tax

The IRS has posted the new 2008 “Data Book” covering the returns filed from Oct. 1, 2007, through Sept. 30, 2008, the government’s most recent fiscal year. (These returns would not reflect the economic downturn that became so apparent in 2008.)

Alert: The Data Book provides valuable insights into tax returns filed, tax collections, investigations and related matters. You may find the information helpful in analyzing your personal tax situation.

The IRS says it processed more than 250 million returns (up from 235 million in 2007). More than 101 million returns, including 58% of individual income tax returns, were filed electronically.

More than 18 million individual filers received tax refunds totaling almost $270.4 billion. They also received more than $95.7 billion in economic stimulus payments. The IRS collected $2.75 trillion in fiscal year 2008 (up from $2.69 trillion in 2007).

The audit rate for individual returns with a total positive income (TPI) between $200,000 and $1 million remained close to the 2% mark for 2008.

Tip:
Find the entire IRS Data Book at www.irs.gov/taxstats/index.html.

Who wants to be a millionaire?

                                   Correspondence Audits                  Returns Filed   
Income Level    FY 2007    FY 2008   Change  FY 2007   FY 2008  Change   


$1 million             10,941           9,641    –12%      339,138    392,776    16%
and higher   

From $200,000   58,524         67,535     15%    3,603,564  4,049,380    12%
up to $1 million   

Less than       1,003,759    1,003,976    0%  130,600,177 133,407,479   2%
$200,000
Source: Transactional Record Access Clearinghouse (TRAC)

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