Much Awaited Statistics of Income Bulletin

Much Awaited Statistics of Income Bulletin

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Much Awaited Statistics of Income Bulletin

On September 24, 2012, the Internal Revenue Service released the Summer 2012 issue of the Statistics of Income Bulletin.  The report contains a large amount of information about sole proprietorships for the 2010 tax year. 

The Statistics of Income (SOI) Division under the IRS releases the bulletin every quarter, and the publications include the most updated information and data available on U.S. taxpayers. 

The IRS reports that almost 23 million individual income tax returns contained activity within a nonfarm sole proprietorship in 2010.  The estimated gross profits on the returns equaled approximately $267.7 billion.

Noteworthy sections of the bulletin are provided below.

Data for Partnerships

·  the filed partnership returns increased by 3.1 percent (or from 3,183,882 to 3,281,985) for the tax years between 2007 and 2009

·  gross receipts for partnerships in the U.S. decreased by 5.7% between 2007 and 2009

Data for Sole Proprietorships

·   the filed sole proprietorship returns decreased by 1.9 percent in the United States from 2007 (24,643,537) to 2009 (24,179,615)

·   the gross receipts reported by sole proprietorships also decreased

Foreign-Controlled Domestic Corporation Data

·  In 2009, 66,197 foreign-controlled domestic corporations reported collective profits of roughly $36.4 billion

·  In 2008, a total of 7,242 corporations claimed a foreign tax credit totaling more than $100 billion against tax liability in the United States

 

You can download a copy of the Statistics of Income Bulletin at https://irs.gov/taxstats.  You can also request a printed copy of the Bulletin from the Superintendent of Documents at the following address:

U.S. Government Printing Office

P.O. Box 371954

Pittsburgh, PA 15250-7954

If you want more information about the data in the Statistics of Income Bulletin, you can write the Director of the SOI Division at the following address:

Director of Statistics of Income (SOI) Division

RAS:S

Internal Revenue Service

P.O. Box 2608

Washing, DC 20013-2608

Source: Internal Revenue Service

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