More people have used Free File so far this year than for all of last year, according to the latest figures from the Internal Revenue Service. As of March 16, 3.55 million tax returns have gone through Free File, up 44 percent compared to the same time last year and exceeding last year's total of 3.51 million. Now in its third year, Free File is a partnership between the IRS and a consortium of tax software manufacturers. Electronic filing continues to surge, with e-filed returns running 7 percent ahead of last year. Of the 67 million returns filed as of March 18, 68 percent were e-filed. While this percentage will decline as April 15 approaches, the IRS said it expects that for the first time more than half of all individual tax returns will be electronically filed this year.
-
The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
2h ago -
Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.
3h ago -
A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.
7h ago -
Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.
9h ago -
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.
April 24 -
Turns out clients are as mistaken about tax preparers as they are about taxes.
April 24