in

E-file Hits Record 90 Million; 30 Million Filed From Home Computers

WASHINGTON (LAWFUEL) — The Internal Revenue Service announced today a record 90 million tax returns were filed electronically this year, led by a big increase in people using home computers.

For the first time, more than 30 million individual income tax returns were filed from home computers. By April 24, the IRS had accepted 31.2 million returns filed from home computers, up 19.3 percent from the same time last year.

IRS e-file broke the 90 million mark this year. By April 24, the IRS had accepted 90.6 million income tax returns through e-file, up almost 6 percent compared to the same time last year.

“E-file is a great option for taxpayers, and this year’s record is another sign people enjoy the speed and accuracy of e-file,” said IRS Commissioner Doug Shulman. “We remind taxpayers with extensions who haven’t filed yet that they can still take advantage of e-file.”

A higher percentage of the population is choosing to e-file this year. As of April 24, almost 70 percent of individuals chose to e-file their tax returns, compared to 61 percent for the same time last year. The IRS will continue to accept income tax returns through IRS e-file and Free File until Oct. 15.

IRS e-file is popular because it’s fast, safe and accurate. An electronically prepared and filed return has an error rate of less than 1 percent, compared to an error rate of about 20 percent for a paper prepared return.

People can receive a refund in as little as 10 days if they use electronic filing and direct deposit. Also, people who owe can also pay electronically by debiting their financial account or using a credit card.

2009 FILING SEASON STATISTICS

Cumulative through the weeks ending 4/25/08 and 4/24/09

Individual Income Tax Returns
2008
2009
% Change

Total Receipts
139,928,000
131,543,000
-6.0%

Total Processed
119,100,000
117,014,000
-1.8%

E-filing Receipts:

TOTAL
85,606,000
90,639,000
5.9%

Tax Professionals
59,444,000
59,439,000
-0.01%

Self-prepared
26,162,000
31,200,000
19.3%

Web Usage:

Visits to IRS.gov
168,069,815
190,905,950
13.6%

Total Refunds:

Number
93,183,000
96,673,000
3.7%

Amount
$220.958
Billion
$259.348
Billion
17.4%

Average refund
$2,371
$2,683
13.1%

Direct Deposit Refunds:

Number
62,795,000
68,646,000
9.3%

Amount
$168.847
Billion
$202.395
Billion
19.9%

Average refund
$2,689
$2,948
9.7%

Norton Rose In Kazakh State Oil Deal – International Business Law News

SEC Announces New Initiative to Identify and Assess Risks in Financial Markets