Nolan Accounting Center

 

4262 South 108th Street, Greenfield, WI 53228

 

Phone: 414-425-5690

Fax:     414-425-2373


Website: www.nolanaccounting.com

October 2020

October 2020 Short Bits

ClientLine Short Bits

AUDIT DECLINE
The IRS is auditing fewer returns. In 2019, it audited only 0.4% of individual returns. That’s about one out of 250 returns. The bulk of all IRS audits are done by mail and focus on narrow issues. In 2019, taxpayers claiming the earned income tax credit saw increased audit rates. About 1.2% of these filers were audited.


COUNTING COUNTS
Every 10 years, the Census Bureau counts the number of people living in the country and its territories. Why do they do this? It helps determine the amount of federal funding your local community receives for things like firefighting, highway construction and school lunches. It also determines how the seats in the House of Representatives are divided among the states.


MORE WORK
A recent survey by the Pew Research Center suggests that granting women the right to vote helped gender inequality but there is more work to do. Seventy-seven percent believe sexual harassment presents a huge obstacle to women being equal with men. Other obstacles include different societal expectations between genders, not enough women in positions of power and workplace discrimination including lack of equal pay.


DEDUCTIBLES INCREASE
According to a new study from EBRI’s Center for Research on Health Benefits Innovation, health insurance deductibles continue to increase. The study showed that salaried individuals have higher deductibles than hourly individuals. Additionally, the study finds that union members have lower deductibles than those not in unions. HSA-eligible health plans had the highest deductibles, but HMO/EPO plans had the largest increase in deductibles.


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