April 16, 2014 12:03 pm

How Taxing Is Return Preparation?

The numbers are out and they’re not comforting. Taxpayers spend an exorbitant amount of time and money filing their federal income tax returns each year, and this filing season had been no different. Here are the numbers:

  • About 150 million 2013 income tax returns have been filed by individuals.
  • 2.6 billion hours have been spent on completing and filing returns.
  • It costs $33.6 billion to comply with tax law.
  • There are 199 tax forms and schedules for individuals.
  • The IRS’s time to process returns is 7.7 billion hours in paperwork compliance time.

Can anyone say “tax reform”?

source: thehill.com/blogs/on-the-money/domestic-taxes

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Tax Glossary

Grantor trust rules

Tax rules that tax the grantor of a trust on the trust income.

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