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IRS Sees Millions of Tax Returns Last Days of Tax Filing Season

Posted by Admin Posted on Apr 26 2017

IRS Sees Millions of Tax Returns Last Days of Tax Filing Season

 

The Internal Revenue Service today announced that the agency has received 135.6 million returns this year following a late surge of filings last week.

During the week ending April 21, the IRS received more than 17 million tax returns. The vast majority, 13.6 million returns, were filed through IRS e-file. 

Looking at the entire tax filing season, the IRS has received 135.6 million tax returns through April 21. With the influx of returns last week, the number of filings is now close to the number of returns from last year’s filing season.

With the mid-April filings, the number of refunds issued this year swelled to 97 million worth $268.3 billion. The average refund was $2,763, up slightly from last year’s average of $2,711.

Taxpayers have filed 11.6 million extension forms this filing season, up 0.9 percent compared to the same time last year. The vast majority of extensions were e-filed, 9.7 million, an increase of 11 percent from the same time last year.

An extension form filed by the deadline allows a taxpayer to hold off on filing the actual tax return for six months, although any tax due must have been paid by the April 18 deadline to avoid interest and penalties.

2017 FILING SEASON STATISTICS

Cumulative statistics comparing 04/22/2016 and 04/21/2017

Individual Income Tax Returns:

2016

2017

% Change

Total Returns Received

136,528,000

135,638,000

-0.7

Total Returns Processed

129,456,000

128,789,000

-0.5

 

 

 

 

E-filing Receipts:

 

 

 

TOTAL           

122,546,000

122,164,000

-0.3

Tax Professionals

70,864,000

70,401,000

-0.7

Self-prepared

51,682,000

51,763,000

0.2

 

 

 

 

Web Usage:

 

 

 

Visits to IRS.gov

325,525,568

312,255,666

-4.1

 

 

 

 

Total Refunds:

 

 

 

Number

97,079,000

97,104,000

0.0

Amount

$263.197

Billion

$268.296

Billion

1.9

Average refund

$2,711

$2,763

1.9

 

Direct Deposit Refunds:

 

 

 

Number

81,221,000

81,646,000

0.5

Amount

$234.269

Billion

$239.410

Billion

2.2

Average refund

$2,884

$2,932

1.7

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

The information provided on the LBCPA Blog is a community service for general information purposes only, and should not be used as a substitute for consultation with professional advisors who specialize in the topics covered. Please refer to your advisors for specific advice on these subjects. The information is not intended to be used, and it cannot be used, for the purposes of avoiding U.S. Federal and/or State tax laws or the tax laws of any foreign jurisdiction.

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