Topic: tax season

IRS Seeks More Tools to Fight Refund Fraud

FY 2016 budget provisions would expand authority for regulation, correctable errors. Refund fraud, especially that caused by identity theft, remains “an ongoing battle” for the IRS, Commissioner John Koskinen said in testimony about the 2015 tax season before the House Ways and Means Committee’s Subcommittee on Oversight. “For that reason, and in spite of our budget constraints, we have continued to focus as much of our resources as possible on improving our efforts against identity theft,” he said, improving filters used to detect suspicious returns as they come in at a rate of more than 2 million suspicious returns so far, which is over 500,000 more than last year at this time.

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If You Thought Tax Season 2015 Was Difficult, IRS Predicts ‘Challenging’ 2016

Budget cuts remain a concern. By CPA Trendlines Research No matter what you think of your 2015 tax season, the IRS thinks it had it worse. Commissioner John Koskinen testified about the season before the House Ways and Means Committee’s Subcommittee on Oversight, and said even opening on schedule was a “major accomplishment” because of additional preparation needed for the Affordable Care Act and the Foreign Account Tax Compliance Act, as well as a system update reflecting December’s tax extender legislation.

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IRS Reports Everything Went Up Except Refunds

Tax professionals kept 59 percent of the e-filing segment. When all the clicking and cursing was done, the IRS had received more than 132.2 million individual tax returns this year, up 0.8 percent from 2014. As of April 17, it had processed 126.1 million of them, up 0.4 percent from last year and a rate of 95.4 percent for the season’s receipts. RELATED: Tax Preparation Fees: The National Averages [INFOGRAPHIC] | IRS Form 3115: a Sin and a Travesty | Accountants See Solid Business Gains in 2015 | As Market Share Slips Away, Accountants Look Beyond the 1040 | IRS Emerges as Major Tax Season Competitor

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Tax Pros Do 59% of E-filing As Season Nears End

Receipts, processing, refund numbers all down. With only five days left in the tax season, the IRS had received more than 110.7 million individual tax returns and processed 108 million of them. The April 10 data showed receipts down 1.8 percent from 2014 and processing down 2.1 percent. Processing for 2015 continued in the same range, at 97.5 percent. RELATED: Have Fun This Tax Season! | Tax Preparation Fees: The National Averages [INFOGRAPHIC] | IRS Form 3115: a Sin and a Travesty | How to Get Paid Faster This Tax Season | Accountants See Solid Business Gains in 2015 | As Market Share Slips Away, Accountants Look Beyond the 1040 | IRS Emerges as Major Tax Season Competitor | Tax Pros […]

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E-filing by Tax Pros Gains More Ground

Nearly 100 million individual returns have been filed. With the tax season winding down, the IRS had received more than 99 million individual tax returns as of April 3, down 0.8 percent from 2014. More than 97.9 percent of those had been processed – 97 million, down 1.2 percent from last year. RELATED: Have Fun This Tax Season! | Tax Preparation Fees: The National Averages [INFOGRAPHIC] | IRS Form 3115: a Sin and a Travesty | How to Get Paid Faster This Tax Season | Accountants See Solid Business Gains in 2015 | As Market Share Slips Away, Accountants Look Beyond the 1040 | IRS Emerges as Major Tax Season Competitor | Tax Pros Losing Market Share to Self-Filers

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SURVEY RESULTS: Latest Comments on Busy Season 2015

The CPA Trendlines Busy Season Barometer 2015: Join the survey. Get the results By CPA Trendlines Research As results pour in from the final days of the CPA Trendlines Busy Season Barometer 2015, it’s clear that practitioners’ experiences range widely, from outright euphoria to bleak despair. See Comprehensive Coverage of Busy Season 2015 Here are a few the latest comments, verbatim… Better than last year. Volume is up significantly and good smoothness of preparation svc and knowledge of clients. We added a small tax practice in an adjoining town I didn’t have any clients with Obamacare non-compliance

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Busy Season 2015: Comprehensive Coverage

In case you missed it… In this directory, CPA Trendlines compiles complete coverage of the 2015 busy season. IRS Seeks More Tools to Fight Refund Fraud FY 2016 budget provisions would expand authority for regulation, correctable errors. Workflow Automation Takes Root in Mainstream CPA Firms Tax season 2015 sees 59% of firms using digital production systems. Busy Season 2015: Worse and Worser After a bad year for many practitioners, watch for the consolidation and shakeout to come. Busy Season 2015: Top Lessons Learned So Far Doing the Tax Season Math: Regs + Staff + Clients + Tech + Self = Busy x Busy x Busy Here’s Your New Tax Season Marketing Plan Think now about June. Yes, June. If You Thought Tax Season 2015 […]

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Busy Season 2015: Top Lessons Learned So Far

Doing the Tax Season Math: Regs + Staff + Clients + Tech + Self = Busy x Busy x Busy  By CPA Trendlines Research The key lessons learned from the 11th annual CPA Trendlines Busy Season Barometer Study are coming into clear focus. More: Busy Season 2015 Comprehensive Coverage A.B. East, at Manning Elliott in Vancouver, BC, Canada, for example, took a lesson in smart management. He says he learned “the importance of having the right complement of experienced staff to delegate to so I can reduce my hours and deliver to clients on timely basis.” Next year East will continue a very healthy policy: “I have been and will continue to mentor managers, seniors and juniors to advance their expertise on a […]

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Busy Season 2015: Fixing the Tax System

How tax professionals would remake the tax code.  Imagine there’s no deductions, it’s easy if you try. No 8965, no1095-A, above us, only sky. Imagine all the CPAs, Living for today… By CPA Trendlines Research There’s nothing like another tax season to prod accountants into imagining about ways to reform the nation’s tax system. In the this year’s CPA Trendlines Busy Season Barometer, some CPAs have specific suggestions; others are calling on the profession to take a leadership role in the national conversation. Register your comments here: CPA Trendlines 2-Minute Survey: Fix the Tax System CPA Trendlines is polling the profession with a two-minute survey asking for specific recommendations for changing the code, the regs, the instructions and the forms – whatever it takes to make […]

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