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2007 IRS Corporate Statistics Book is Available – Time to See How Your Business Compares to Industry Averages
By Stacie Clifford Kitts, CPA
If you are looking to compare your business with other business in your industry, here is your opportunity. This is actually an excellent way to help you to know if certain aspects of your business meet an industry average. This knowledge tells us how your company is performing compared to other businesses in your sector and can help with planning and strategic decisions.
Now there may be some math involved as you will need to do some comparisons. For example, if you want to know the average amount of cash at year-end compared to total assets of a company in your sector, you would simply divide total cash by total assets noted on the industry chart – get the percentage and then compare that to your company.
You can look up your business by the following categories:
Agriculture, Forestry, Fishing, and Hunting
Mining
Utilities
Construction
Manufacturing
Wholesale and Retail Trade
Transportation and Warehousing
Information
Finance and Insurance
Real Estate and Rental and Leasing
Professional, Scientific, and Technical Services
Management of Companies (Holding Companies)
Administrative and Support and Waste Management and Remediation Services
Educational Services
Health Care and Social Assistance
Arts, Entertainment, and Recreation
Accommodation and Food Services
Other Services
Not Allocable
The 2007 Corporation Source Book is now available in two formats, a Comma Separated Value (.csv) file and Excel tables. The purpose of the .CSV file, which contains only numeric characters, is to provide users a way to download the entire Source Book in one file and use in most statistical software packages. Download and file use instructions can be found on the website. The Source Book presents balance sheet, income statement, tax, and other selected items by size of total assets for all returns with and without net income. Statistical tables are available by industrial sectors, major groups within a sector, and minor industries within a major group. Industry detail is based on the North American Industry Classification System (NAICS).
IRS Patrol IRS Announces Streamlined and Simplified Notices to Taxpayers
YouTube Video: Received a Letter from the IRS?
WASHINGTON — The Internal Revenue Service [on January 11th] unveiled its first redesigned notices that are part of an on-going effort to improve the way it corresponds with taxpayers.
The nine new notices are among the first to be reviewed and revised for clarity, effectiveness and efficiency. The agency also will create an office that ensures the effort to improve communications is on-going and permanent.
“One of my priorities is to ensure that we have clear and simple communication with taxpayers. In the past, our notices often looked more like legal documents and not an effort to communicate clearly. The differences between the old and new notices are like night and day. They show the potential of our on-going effort in this area,” said IRS Commissioner Doug Shulman.
In July 2008, Shulman appointed the Taxpayer Communications Taskgroup to review IRS correspondence. The task group found that IRS notices have different looks, messages and do not use consistent language. Because of this, some notices are creating unnecessary confusion for taxpayers.
Nine notices will feature the new design format beginning in January. These notices account for approximately 2 million pieces of correspondence with individuals, businesses and exempt organizations. A revised web page is available at www.irs.gov/notices.
The new format includes a plain language explanation of the nature of the correspondence, clearly states what action the taxpayer must take and presents a consistent, clean design. The new format also guides taxpayers to appropriate pages on IRS.gov where they can find accurate and relevant information quickly and easily.
By reducing the potential for confusion, these notices will improve the taxpayers’ ability to get problems resolved quickly, and improve overall compliance.
Shulman also announced this important work will be made a permanent part of the IRS through a new office to oversee improvements to taxpayer correspondence. The new office, called Office of Taxpayer Correspondence, will be directed by Jodi Patterson, who led the initial effort.
Tax preparers are already seeing some of this effort. In March, the IRS reduced to 2 from 13 the number of inserts included to tax preparers as part of notice CP 161, which is mailed to business taxpayers who underpay their taxes. There are approximately 2.3 million CP 161 notices sent annually.
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