still: everything down but refunds.
by beth bellor
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with busy season entering the last lap, tax professionals are only now starting to catch up with last year’s pace.
more tax season data: individual tax filings still lag behind 2016 | tax pros filing only 51% of e-returns | tax refunds up slightly | tax filings data looking less squirrely | tax return filings still lag, but pros hold 57% of market | tax filings down, but irs blames the calendar
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the latest count from the irs shows 43.4 million returns e-filed by professionals, down about 6 percent from the same year-ago period. but that’s an improvement from the previous report, which showed tax professionals trailing the year-ago pace by 7 percent.
the irs had received 85.3 million individual income tax returns as of march 24, down 4.7 percent from the previous year. it had processed 83 million returns, down 4.5 percent from 2016, marking a 97.3 percent processing rate for this season.
e-filing receipts total 79.1 million, down 4.4 percent. of those, 43.4 million were filed by tax professionals, down 5.9 percent, and 35.7 percent were self-prepared.
pros’ edge in e-filings continues to creep up, with their share currently at 54.8 percent.
visits to irs.gov are down 5.6 percent, at 246.4 million.
total refunds number 68.4 million, down 3.4 percent. the total amount, $198 billion, is down 2.4 percent, while the average refund of $2,897 is up 1.1 percent.
direct deposit refunds number 60.2 million, down 2.7 percent. the total amount, $183.2 billion, is down 1.8 percent, while the average refund of $3,044 is up 0.9 percent.
direct deposit accounts for 88.1 percent of refunds. the average direct deposit refund is 5.1 percent higher than the overall average.