Introducing irsLogics

News & Happenings

  • IRS Releases Latest Filing Season Stats

    The IRS reports that it processed 132,719,4656 returns from last season through May 28.

    The figures cover number of returns processed and AGI, tax liabilities and percentages of filers’ income composed of capital gains.

    As of the end of May, the IRS had processed the largest number of returns for taxpayers with annual AGI of $50,000 to $70,000, $100,000 to $200,000, and $30,000 to $40,000.

    The figures in the service’s latest report present partial information from the population of all 1040s processed by the IRS at three points in the annual filing season: late May, mid-July and mid-November.

    The May figures primarily constitute approximately 90% of all returns that will be processed by the IRS in the calendar year and reflect income earned in the year preceding the filing year and reported to the IRS by April 15, as well as some possible late-filed returns for prior tax years. Taxpayers who requested a six-month extension are excluded.

    Source: www.accountingtoday.com


  • House Committee Approves IRS Budget Cuts

    The House Appropriations Committee adopted a fiscal year  2016 budget proposal that would provide the Internal Revenue Service with a budget of $10.1 billion—$838 million less than the current level and $2.8 billion below the Obama administration’s FY16 proposal.

    Under the plan, the IRS’s operations support and Business Systems Modernization programs would be slashed by $338 million and $40 million, respectively, and enforcement programs would get $538 million less than now. The budget cuts would likely weaken IRS efforts to crack down on the growing problem of identity theft and prevent the agency from collecting an estimated $12 billion in tax revenue next year, according to a letter sent to the committee by the federal Office of Management and Budget.

    The House bill proposes shifting $75 million from other IRS programs to improve IRS telephone customer service and fight ID theft among other things.

    Source: accountingtoday.com