Note to Editor: This is the seventh in a series of reminders to help taxpayers prepare for the upcoming tax filing season.
WASHINGTON – The Internal Revenue Service said today that it expects more than 90 percent of all 2017 individual tax returns to be prepared using tax software. The majority of those will be e-filed. Since 1986 when the IRS started accepting electronically filed tax returns, more than 1.8 billion have been securely processed.
The IRS urges taxpayers to wait until they have all the forms and documents needed before preparing a tax return. Most documents arrive before the end of January. This includes Forms W-2 from employers and Forms 1099 from banks and other payers. Those claiming the Premium Tax Credit need Form 1095-A from the Marketplace. Not having all required documents may cause a return to have an error that delays processing and therefore, delays the refund.
Taxpayers have options to prepare and e-file a return:
The IRS2Go Mobile App can help find free tax preparation assistance, check a refund status and more.
Taxpayers should keep copies of their most recent tax returns. Taxpayers using a software product for the first time may need their Adjusted Gross Income amount from their prior-year return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.
Taxpayers concerned about identify theft should know the IRS continues to work with state tax authorities and the tax industry to increase security protections as part of the Security Summit. Summit efforts have led to a nearly 50 percent decline in the number of new reports of stolen identities on federal tax returns. While working to stop fraudulent refunds, the IRS remains focused on releasing legitimate refunds as quickly as possible in 2018.
Faster Refunds with Direct Deposit
Choosing e-file remains the safest way to file an accurate income tax return and combining it with direct deposit is the fastest way to receive a refund. In 2017, more than 88 million tax refunds worth over $260 billion were directly deposited into taxpayer’s bank accounts.
In 2018, the IRS again expects to issue more than nine out of 10 refunds in less than 21 days. However, by law the IRS cannot issue refunds if the return claims the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. The change applies to the entire refund and helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent tax fraud.
Online Seminars from the 2016 IRS Nationwide Tax Forums are Now Available WASHINGTON — The Internal Revenue Service today reminded tax professionals that they can earn continuing education credits online through seminars filmed at the 2016 IRS Nationwide Tax Forums. The forums are three-day events that provide tax professionals with the most up-to-date information on federal and state tax issues; in 2016, they were held in five cities across the nation. More than a dozen self-study seminars are now available on the IRS Nationwide Tax Forums Online (NTFO). Self-study seminars provide information to participants through interactive videos, PowerPoint slides and transcripts. The 2016 online forum seminars cover many topics of interest to tax professionals including: Is Your Case Ready for Appeals? (Examination Edition) Foreign Tax Credit for Individuals Emerging Issues in Tax Practice Due Diligence ACA Employer and Coverage Provider Information Reporting Requirements The online seminars are registered with the IRS Return Preparer Office and the National Association of State Boards of Accountancy (NASBA) as a qualified sponsor of continuing education. For a fee, CPAs, Enrolled Agents and Annual Filing Season Program participants taking NTFO seminars can earn continuing education credits. To earn credit, users must create an account, answer review questions throughout the seminar and pass short tests at the end of the seminars. The seminars can also be audited for free. Individuals who choose to audit seminars will not have access to the review questions or final examination and will not receive credit for the seminar. In addition to the recently added seminars, NTFO also offers many seminars from prior-year IRS Nationwide Tax Forums. For more information, please visit www.irstaxforumsonline.com.
WASHINGTON — The Internal Revenue Service today reminded tax professionals that they can earn continuing education credits online through seminars filmed at the 2016 IRS Nationwide Tax Forums. The forums are three-day events that provide tax professionals with the most up-to-date information on federal and state tax issues; in 2016, they were held in five […]