2012 IRS Tax Season Fun Facts

refund

By Stacey Gorowitz, CPA, MBA It’s tax time again, so why not get to know the IRS on a personal basis? Well…maybe that’s too big a step, but we might as well learn a little more about this fixture in our lives, because it’s not going away. On March 25, the IRS announced the release of its 2012 Internal Revenue Service Data Book which includes information about returns filed, taxes collected, enforcement actions, taxpayer assistance and more, from October 1, 2011 to September 30, 2012. Highlights of this treasure trove of data include: Out of the 146 million individual income tax returns filed, almost 81 percent were e-filed. E-filing is so popular because not only does it remove the need to deal with stamps and minimize the risk of your return being lost, it gets your refund into your bank account within just a few days. More than 120 million individual income tax return filers received a tax refund, which totaled almost $322.7 billion. Of course, this is money that already … [Read more...]