Fewer than half of all homeowners, and about a quarter of tax filers, claim the mortgage interest deduction, the report said.
Accordingly, the Report recommends exempting EGCs, SRCs, and non-accelerated filers from XBRL reporting requirements.
Many used the extra money to pay the average $1,477 in fees needed to declare bankruptcy; without the refunds, 3.8% of filers could not have afforded to go through the process, according to the report.
In 2011, filers deducted about $360 billion in interest, resulting in about $72 billion in lost federal tax revenue, the report says.
The report found that between 1996 and 2006, the top 0.1percentt of tax filers experienced an almost two-fold increase in income, while the bottom 20percentt of filers saw their incomes fall by 6percentt.
The report singled out one program, known as Operation Mass Mail, in which I.R.S. computers refused to process more than 900,000 returns it had identified as fraudulent without ever notifying the filers.
The report also criticized an I.R.S. initiative that would increase monitoring of tax preparers, a largely unregulated industry used by many of America's more than 131 million tax filers.
And the latest NetApp filer, the largest it has ever built, can dish up 12 terabytes.
The majority of 1099-MISC filereportort information in Box 7. Late 1099s filed within 30 days of the original due date will face a reduced penalty of $50 per form.
First-time candidate David Kanuth, a defense attorney, topped the list of early filers by declaring he had raised more than $798,000 by the March 30 end of the reporting period.
