Sunday, May 20, 2007

The IRS Results Are In!!!

Now that the 2007 tax filing season is behind us (well some of us at least), the IRS has come out with their report regarding electronic filing of returns for the season. It would appear that the IRS is making good on their strategy to increase the number of e-filed returns and cut down on paper filings, a strategy that the IRS has been trying to implement for some time now. The major IRS statistics are:

The over 76.7 million e-filed returns accepted through May 4 topped the more than 73.2 million electronically filed returns received for all of 2006. That is also an 8.9 percent increase over last year at this time, with most of the increase coming in March and April.

A record 22 million taxpayers e-filed from a home computer, up 11 percent over the same time last year and eclipsing 2006’s year-long total of 20.3 million.

This filing season visits to, the agency’s popular Web site, climbed almost 10 percent, to more than 140 million.

More than 59 million refunds, a new record, were deposited directly into savings, checking and brokerage accounts, representing more than 61 percent of all refunds issued.

Nearly $158 billion has been directly deposited so far this year, an 11 percent jump over last year at this time, which surpasses the 2006 year-end total of $149.2 billion.

The number of balance-due returns filed electronically surged 14.2 percent to a record 9.4 million. For all of last year, almost 8.9 million balance-due returns were filed electronically.

Rather interesting information and it looks like the individual taxpayer is jumping on board of the idea of paperless tax filing. The IRS is embracing technology and many taxpayers are beginning to see the light also. It is possible that in the future ALL returns will be filed electronically. If you are one who still paper files your tax return, this may be the year for you to jump on the technology wagon. There are many resources out there to provide you with information on how to e-file your returns and you can always speak to your accountant about the benefits of e-filing.

Keeping your Business N Synergy

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