SURVEYS & RESEARCH

Tax Pros E-file 52% of Returns

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table of IRS dataRefunds are in the red.

By Beth Bellor
CPA Trendlines Research

This tax season looks a lot like the last, at least from the viewpoint of the Internal Revenue Service, which is eyeing roughly the same workload.

MORE: Can’t IRS Tax Pro Accounts Do More? | Hello? IRS? Anybody Home? | Taxpayer Assistance Centers Need Upgrade | On Business Outlook, CPAs Are Confident … and Concerned | At the IRS, Short on Staff Means Short on Service | Tax Pros Offer Advice for Small Businesses
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As of March 24, the latest data available, the agency has received 80.7 million returns, down 0.8 percent from the same period in 2022. It has processed 80.4 million returns, up 1.9 percent.
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Tax Pro E-filings Up 3%

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data tableAverage refunds are down by double digits.

By Beth Bellor
CPA Trendlines Research

More people have gotten tax refunds in 2023, but fewer dollars have gone out. This is as the IRS kicks back refunds nearly as fast as it receives returns.

MORE: Pros Handle 45% of Income Tax Returns | IRS Processing Returns as Fast as It Gets Them | Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
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As of March 10, the latest data available, the IRS had received 63.4 million individual income tax returns, down 0.1 percent from the same period in 2022. It had processed 63.2 million returns, up 2 percent, for an impressive 99.6 percent completion rate. READ MORE →

Pros Handle 45% of Income Tax Returns

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data tableRefunds down by double digits.

By Beth Bellor
CPA Trendlines Research

Tax season 2023 has been consistent. Refunds are down, and so are self-prepared filings and IRS.gov visits. By every other marker, though, business is as usual or better.

MORE: On Business Outlook, CPAs Are Confident … and Concerned | At the IRS, Short on Staff Means Short on Service | More CPAs See Worsening Economy | Marchternity: The Solution Is Community |
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As of Feb. 24, the latest data available, the IRS had received 46 million individual income tax returns, up 1.3 percent from the same period in 2022. It had processed 45.7 million returns, up 4.3 percent.

We always like to see processing go quickly, and the agency is speeding through returns right now at a clip of 99.4 percent.

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Tax Pros Offer Advice for Small Businesses

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Specific tips from your colleagues.

By CPA Trendlines Research

When the 2023 CPATrendlines Busy Season Barometer asked practitioners what advice they’d give small businesses, most of the responses boiled down to two essential messages:

  • Don’t be afraid … but be careful … and ready.
  • Hang on to your cash.

MORE: Busy Season Barometer Finds Many CPAs in Transition | More CPAs See Worsening Economy | Marchternity: The Solution Is Community | Why We All Hate the Tax Code | Tax Season 2023: Better or Worse?
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A Little Trepidation

Looking at these early responses to the survey – which is still open for responses – we are sensing a little trepidation over the near future.
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Only 39% of Tax Returns Filed by Pros

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data tableRefund amounts are down 14%.

By Beth Bellor
CPA Trendlines Research

The second week of tax season brought more double-digit increases over 2022’s pace for the same period.

MORE: Tax Season Opens with Refunds Up 85%
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According to the latest data, the Internal Revenue Service has received 28.8 million individual income tax returns, up 9.1 percent. It has processed 26.6 million returns, up 13.6 percent.

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Tax Season Opens with Refunds Up 85%

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data tableNearly two-thirds of returns have been self-prepared.

By Beth Bellor

The latest tax season is off to a roar, with refunds up 85 percent and processing up 29 percent above last year at this time.

MORE ON TAX SEASON: MORE: Marchternity: Just Say ‘No’ | Marchternity: The Solution Is Community | Why the IRS Is Still Doing Data Entry By Hand | News on IRS Is Maybe Sort of a Little Bit Good | Why We All Hate the Tax Code | How Bullish Are You This Tax Season? | Accountants’ Top Problems for Tax Season 2023 | Tax Season 2023: Better or Worse?

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As of Feb. 3, the end of the first week of collections, the IRS had received 19 million individual income tax returns, up 13.5 percent from the same week in 2022. It had processed 16.8 million returns, up 29.1 percent.
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How Bullish Are You This Tax Season?

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Tax pros see gains in clients, revenue, and profits.

ROSY SCENARIO: 75% forecast increases in revenue per client. More work, or higher fees, or both?

Join the 5-minute survey. Get the answers. Start here.

By CPA Trendlines Research

If the early results of the 2023 CPA Trendlines Busy Season Barometer are any indication, tax practitioners can look forward to a lucrative year.

MORE TAX SEASON ’23:Accountants’ Top Problems for Tax Season 2023 | Tax Season 2023: Better or Worse? | Tax: The Procedural Checklists Your Firm Needs  |  Stop Tax Return Review Shortcuts  |  Offers in Compromise Aren’t for Everyone  |  Trump’s Tax Returns: Read The Originals Here  |  SURVEY: Tax Software Favorite Keeps Crown

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Over 46 percent of respondents expect a five to ten percent expansion of clientele, and another 13 percent say theirs will swell by more than ten percent.

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