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IRS Facts

President Abraham Lincoln created the IRS during the Civil War to help pay for the military expenses. The IRS sends out an average IRS 8 billion page of paper every tax season. 1862 to print the necessary forms and documents 2010 Some things you might not have known about the Internal Revenue Service on paper over 300,000 trees must be cut down (on people making 35% every year over $800) (top bracket) The average family pays over 38%- Employing over 114,000 individuals of their total lifetime income to the IRS if laid out end-to-end, it would wrap around the earth 28 times ENCE x5 the amount of the FBI x2 the amount of the CIA Summary of Collections before Refunds by Type of Pay emplayees 10 billion per year Return, Fiscal Year 2007 (to nearest million US] APPROVED Gross Colle Number of Retums Individual Income Tax 138,893,908 1,366,241,000,000 2.000.000 Estimated number of documents IRS toses each year - salaries $87,000,000 Spent from Jan2006 to July 2007 on an outsourced program to collect unpaid taxes Employment Taxes 30,740,592 849,733,000,000 Corporate Income Tax 2,507,728 M+ 395,536,000,000 Excise Taxes 53,050,000,000 989,165 Estate Tax 24,558,000,000 chances that the IRS help line will lin 3 55,924 collected by contractors during that period $50,000,000 2,420,000,000 be given inaccurate information Gift Tax 286,522 Total 173,351,839 2,691,538,000,000 PDA Ghosts of Receipts Past Julie faced her worst nightmare one evening when she came home to fire trucks in front of her burning home. To CRET CLASSIFIED make matters worse the tax deadline was just around the corner and she could not recover enough of her financial document to prepare her return. Julie contacted the IRS to explain the situation, and told IRS personal how she had lost her entire archive of financial documents and receipts. Although she The Beauty Shop Butchery Celia, a honest and hardworking beauty shop owner, had her shop's equipment was seized and sold at auction to pay her back tax debts. Celia did not know much about taxes and hired a was able to file for an automatic extension, Julie was shocked to find an IRS audit letter in the mail less than two professional to assist her. Fortunately, the tax consultant found that Celia had indeed paid her taxes in full. The IRS had made a mathematical error, weeks later. Without any proof to back up the information in her previous returns, she was forced to pay over $18,000 in unpaid taxes and penalties. accidentally entering her tax amount twice in to the system, which made it look like she had not paid her taxes at all. Although she got her equipment back, she lost many of her clients and income due to the incident. The 1040 forms instructions are over 90 pages long, the form itself is only a few pages long. The first IRS 1040 forms were only 4 pages long, including all instructions. Sources: U.S. Intemal Revenue Service http://www.rdte com/Blog/archive/ 2008/01/09/15-interesting facts about the-irs.aspx archive/2009/10/13/halloween-and taxes top-irs horror stories aspxi BACKUPéresting-Facts-About dhe IRS&id-1053782

IRS Facts

shared by rmmojado on Jan 22
There’s a saying that goes like this: the only constants in life are death and taxes. And everyone knows the IRS is the machine that keeps one of those constants a reality for America’s citizens. ...


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