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CHARTS & GRAPHS

Tax Refund Numbers Down, Amounts Up

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Tax pros handled 54% of e-filings.

By Beth Bellor
CPA Trendlines Research

More than 100,000 individual income tax returns have flowed in and out of the Internal Revenue Service, and for the most part, we’re slightly ahead of the 2023 season.

MORE: Tax Pros Own 53% of E-filings | Tax Stats Still Playing Catchup | Tax Pros Take the Edge in E-Filings | Tax Pros Gain Ground, and DIYers Maintain Lead | Tax Pros Handle 46.4% of E-filing | Tax Refunds, Tax Pro Market Share Trending Up | Refunds Up as Tax Pros Tackle 41.5% of E-filings | Tax Pros Handle 37.7% of E-filings | Tax Pros File 33% of Early Returns
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With 10 days before deadline – as of April 5, the latest data available – the IRS received 101.9 million returns, up 0.5 percent from the same period the previous tax season. It processed 100.1 million returns, down 0.3 percent.
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CHARTS & GRAPHS

Tax Pros Own 53% of E-filings

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Most stats are on the plus side now.

By Beth Bellor
CPA Trendlines Research

With just over two weeks before the nation’s major tax deadline, most statistics are landing on the positive side … finally.

MORE: Tax Stats Still Playing Catchup | Tax Pros Take the Edge in E-Filings | Tax Pros Gain Ground, and DIYers Maintain Lead | Tax Pros Handle 46.4% of E-filing | Tax Refunds, Tax Pro Market Share Trending Up | Refunds Up as Tax Pros Tackle 41.5% of E-filings | Tax Pros Handle 37.7% of E-filings | Tax Pros File 33% of Early Returns
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The IRS has received 90.3 million individual income tax returns as of March 29, the latest data available, up 0.2 percent from the same period in 2023. It has processed 88.8 million returns, down 1 percent.
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CHARTS & GRAPHS

Tax Stats Still Playing Catchup

data tableRefund numbers are down but amounts are up.

By Beth Bellor
CPA Trendlines Research

The end is in sight. Documents are signed, buttons are pushed and tax returns are filed. The pile is growing smaller.

If you want optimism, don’t look at the latest Internal Revenue statistics. With the 2023 filing season opening Jan. 23 and the 2024 season kicking off Jan. 29, every week of 2024 reporting has seven fewer days of data than the corresponding period the previous year.

MORE: Tax Pros Take the Edge in E-Filings | Tax Pros Handle 46.4% of E-filing | Tax Refunds, Tax Pro Market Share Trending Up | Refunds Up as Tax Pros Tackle 41.5% of E-filings | Tax Pros Handle 37.7% of E-filings | Tax Pros File 33% of Early Returns
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As of the latest report, for March 22, the IRS had received 80.5 million individual income tax returns and processed 79.2 million returns, down 0.3 percent and 1.4 percent respectively from last year. The impact on your firm? Dare we say, none?

Perhaps you’ve been the beneficiary of another stat, though … the one showing tax professionals gaining ever more ground on the self-preparers.
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CHARTS & GRAPHS

Tax Pros Take the Edge in E-Filings

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Refunds up 5+ percent.

By Beth Bellor
CPA Trendlines Research

The machine that is the Internal Revenue Service keeps clicking along. As of March 15, the IRS had received 71.6 million individual income tax returns, down 0.4 percent from the same period in 2023, and had processed 70.6 million, down 1.2 percent.

MORE: Tax Pros Handle 46.4% of E-filing | Tax Refunds, Tax Pro Market Share Trending Up | Refunds Up as Tax Pros Tackle 41.5% of E-filings | Tax Pros Handle 37.7% of E-filings | Tax Pros File 33% of Early Returns
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E-filings

Electronic filings totaled 69.5 million, down 0.3 percent.
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CHARTS & GRAPHS

Tax Pros Gain Ground, and DIYers Maintain Lead

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Refunds are up over 4 percent.

By Beth Bellor
CPA Trendlines Research

With about a month left in the 2024 tax season, the individual income tax returns keep pouring in, and the Internal Revenue Service keeps grinding them out.

The IRS had received 62.8 million returns, down 1.1 percent from the previous year, as of March 8, the latest data available. It had processed 61.9 million returns, down 2.1 percent.

MORE: Tax Pros Handle 46.4% of E-filing | Tax Refunds, Tax Pro Market Share Trending Up | Refunds Up as Tax Pros Tackle 41.5% of E-filings | Tax Pros Handle 37.7% of E-filings | Tax Pros File 33% of Early Returns
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E-filings

Electronic filings totaled 61.2 million, down 0.9 percent.
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CHARTS & GRAPHS

Tax & Accounting Profession Keeps Growing

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Overall profession employment

 

More workers, with some making quite a bit more money.

By Beth Bellor
CPA Trendlines Research

Winter doldrums didn’t seem to affect the tax and accounting profession, which saw several sectors hit new hiring highs in February.

Elsewhere in the nation, total nonfarm payroll employment increased by 275,000 in February, nudging the unemployment rate up to 3.9 percent. Professional and business services saw little change for the month.

MORE: Accounting Hiring Hits Another High | Staff Wages Hit Record High | Despite Staffing Crunch, Firms Freeze Pay Raises | Tax & Accounting Firms Grow for 9th Straight Month | Tax & Accounting Profession Grows, but Wages Don’t | Tax and Accounting Pay Advancing at 5.9% Pace | Accounting Jobs Up 4% for Year
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Overall accounting profession employment at a record 1,163,600 was up 1,000 or 0.1 percent for the month and 29,600 or 2.6 percent for the year. Employees averaged 35.9 hours per week, down 6 minutes or 0.3 percent for the month but up 6 minutes or 0.3 percent for the year. Their earnings hit a new high of $41.41, up 21 cents or 0.5 percent for the month and 34 cents or 0.8 percent for the year.
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CHARTS & GRAPHS

Tax Pros Handle 46.4% of E-filing

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The happy news for taxpayers: refunds are up.

By Beth Bellor
CPA Trendlines Research

The tax deadline, as most Americans define it, is drawing closer, and the country’s tax pros are gaining about 2 percentage points a week in market share of tax filings. Go, accountants!

MORE: Tax Refunds, Tax Pro Market Share Trending Up | Refunds Up as Tax Pros Tackle 41.5% of E-filings | Tax Pros Handle 37.7% of E-filings | Tax Pros File 33% of Early Returns
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The Internal Revenue Service had received 54 million individual income tax returns, down 1.7 percent, as of March 1, the latest data available. It had processed 53.2 million returns, down 2 percent from one year ago. The 2024 season has been seven days shorter than the 2023 season because of a later start date.
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CHARTS & GRAPHS

Tax Refunds, Tax Pro Market Share Trending Up

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* Total refunds issued represents returns received and processed in 2024 – the current year only. The number of direct deposit refunds represents returns received in the current and prior year but processed in 2024.

 

How long before more figures flip positive … or might they not?

By Beth Bellor

The 2024 filing season has been seven days shorter than 2023’s, but that’s making less difference as individual income tax returns keep dropping into the Internal Revenue Service inbox, just 3 percent off last year’s pace.

MORE: Tax Pros Handle 37.7% of E-filings | Tax Pros File 33% of Early Returns
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The IRS had received 44.6 million such returns as of Feb. 23, the last week for which data has been released. It had processed 44.1 million returns, down 3.6 percent.
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