tax pros continue to increase their share of the market.
by beth bellor
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taxpayers are keeping the irs hopping.
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even with six fewer days so far, the number of individual income tax returns filed in 2018 had nearly met 2017 levels by the end of week 4.
by feb. 23, the irs had received 51.7 million returns, down 0.7 percent from last year. it had processed 50 million, down 0.9 percent.
as the returns poured in, the processing rate slipped ever so slightly, 96.6 percent compared to the previous week’s 97 percent.
electronic filing totals are down 0.4 percent from last year at 49.2 million.
e-filings have made up 98.4 percent of 2018 filings.
the gap between tax professionals and self-preparers keeps edging wider, and not in the profession’s favor.
tax pros had e-filed 23.4 million returns as of feb. 23, down 3.2 percent. self-prepared returns were up 2.4 percent at 25.8 million.
tax professionals continued to gain ground in e-filings, now handling 47.7 percent.
visits to irs.gov increased 21.6 percent year over year to 213.2 million.
total refunds issued numbered 40.5 million, down 2.2 percent. the total amount of $125.7 billion was down 1.2 percent, and the average refund of $3,103 was up 1 percent.
total direct deposit refunds issued numbered 37.7 million, down 1 percent. the total amount of $120.7 billion was down 0.5 percent, and the average refund of $3,199 was up 0.5 percent.
direct deposits make up 93.2 percent of all refunds.