IRS Publication 5655 – IRS Forms, Instructions, Pubs 2026 – In the ever-evolving landscape of U.S. tax policy, staying informed about corporate income tax trends is crucial for businesses, tax professionals, and policymakers. IRS Publication 5655, part of the Statistics of Income (SOI) series, provides a concise overview of aggregate data from corporate income tax returns. This publication highlights key metrics such as the number of returns filed, total assets, receipts, deductions, and tax liabilities, offering valuable insights into the financial health of American corporations. For Tax Year 2022 (covering accounting periods from July 2022 to June 2023), the data reveals significant growth in corporate activity, reflecting economic recovery and policy impacts like the Tax Cuts and Jobs Act (TCJA). In this SEO-optimized guide, we’ll break down the essentials of Publication 5655, drawing from the official IRS Complete Report (Publication 16) for detailed statistics.
What is IRS Publication 5655?
IRS Publication 5655 is an annual “OneSheet” summary produced by the IRS Statistics of Income Division, focusing on corporate income tax returns. It aggregates data from Form 1120 series filings, including C corporations, S corporations, Real Estate Investment Trusts (REITs), and Regulated Investment Companies (RICs). The publication is sample-based, derived from approximately 125,308 unaudited returns out of 6.8 million active filings. It categorizes corporations by industry (using NAICS codes), asset size, and receipts size, providing breakdowns on balance sheets, income statements, and tax computations.
Unlike the full Corporation Income Tax Returns Complete Report (Publication 16), which offers extensive tables, Publication 5655 serves as a high-level snapshot with charts on trends from 2012 to 2022. This makes it an accessible resource for understanding corporate tax statistics without diving into granular data. For businesses, it highlights benchmarks for receipts and deductions, while for analysts, it underscores economic shifts like rising interest income amid inflation.
Key Aggregate Statistics from Tax Year 2022
For Tax Year 2022, corporate filings showed robust growth compared to 2021. Here’s a breakdown of the major figures:
- Number of Returns: 6.8 million active corporate tax returns were filed, a 2.3% increase from 6.7 million in 2021. Of these, 93.8% (6.4 million) were e-filed, up 1.9% year-over-year, signaling a continued digital shift.
- Total Assets: Reached $143.3 trillion, a modest 1.0% rise from $141.9 trillion.
- Total Receipts: Surged 13.9% to $45.3 trillion, driven by a 14.3% increase in business receipts to $39.9 trillion and a 49.2% jump in interest income to $1.8 trillion. However, short-term capital gains plummeted 84.8% to $27.0 billion.
- Total Deductions: Grew 13.5% to $41.3 trillion, with interest deductions up 36.0% to $965.9 billion.
- Net Income (Less Deficit): Climbed 17.7% to $4.8 trillion, or pretax profits. Excluding passthrough entities, this rose 26.9% to $3.3 trillion.
- Tax Liabilities: Income subject to tax increased 18.9% to $2.9 trillion, leading to a 19.8% rise in total income tax before credits to $633.3 billion and a 20.8% increase after credits to $448.7 billion.
Passthrough entities (like S corporations) dominated, making up 77.3% of returns but paying minimal federal corporate tax. Among non-passthrough entities (1.6 million returns), 739,000 reported net income, with 82.1% having a tax liability.
Breakdown by Industry: Sector-Specific Insights
The Complete Report classifies data by NAICS sectors, revealing varied performance. Pretax profits grew overall, but sectors like Mining and Utilities saw explosive increases due to commodity prices and energy demand. Here’s a table summarizing key sectors:
| Sector | Pretax Profits (2022) | % Change from 2021 | Total Receipts (2022) | Notable Trends |
|---|---|---|---|---|
| Mining | $106.6 billion | +159.6% | $639.9 billion (+37.7%) | High depletion deductions and foreign tax credits. |
| Manufacturing | $1.5 trillion | +35.4% | N/A | Strong R&D credits and inventory growth. |
| Finance and Insurance | $1.0 trillion | -6.4% | N/A | Assets down 3.8% to $67.4 trillion; impacted by passthrough structures. |
| Information | $441.7 billion | +50.0% | N/A | Tech-driven receipts; high wage and R&D deductions. |
| Retail Trade | $284.3 billion | -7.5% | $6.2 trillion (+4.8%) | Stable but slower growth. |
Sectors like Professional Services (+103.5% to $148.3 billion) benefited from consulting demand, while Educational Services saw a 10.9% drop to $4.2 billion despite 38.1% asset growth.
Analysis by Asset Size and Receipts
Larger corporations dominate the data. Firms with $2.5 billion+ in assets (just 0.07% of returns) held 84.5% of total assets ($121.1 trillion) and generated 57.2% of receipts ($25.96 trillion). They accounted for 76.7% of net income and 79.9% of tax after credits. Smaller firms (under $500K in assets) comprised 58.7% of returns but minimal shares of financial metrics, often as S corporations.
By receipts size, large firms (over $100 million) showed higher taxable income due to TCJA limits on net operating losses (NOLs). Special entities like S corporations reported $763.3 billion in pretax profits (+1.1%), while RICs fell 2.9% to $625.4 billion.
Trends and Implications for 2023 and Beyond
Compared to 2021, 2022 data shows recovery from pandemic lows, with receipts and profits surging amid inflation. However, capital gains declines indicate market volatility. Looking ahead, the Inflation Reduction Act’s 15% corporate alternative minimum tax (for firms with $1B+ in adjusted financial income) will impact post-2022 filings. Businesses should monitor SOI updates for benchmarking tax strategies.
How to Access IRS Publication 5655 and Related Data?
Download the latest Publication 5655 PDF directly from the IRS website at https://www.irs.gov/pub/irs-pdf/p5655.pdf. For in-depth analysis, refer to the Complete Report (Publication 16) at https://www.irs.gov/pub/irs-pdf/p16.pdf. Additional SOI resources, including historical data and bulletins, are available on the IRS Tax Stats page.
By leveraging these corporate income tax returns statistics, stakeholders can gain a competitive edge in tax planning and economic forecasting. Stay updated with IRS SOI releases to navigate the complexities of U.S. corporate taxation effectively.