News

IRS chief says tax season has gone well as agency girds for new tax law

by Michael Cohn | Apr 13, 2018   ()

Acting Internal Revenue Service commissioner David Kautter told lawmakers Thursday that the tax season has gone well and described how the IRS is preparing to release draft versions of tax forms, instructions and guidance for the new tax law over the next few months.

“I am pleased to report that the 2018 filing season, which began on January 29, has gone well in terms of tax return processing and the operation of our information technology systems,” Kautter said during a Senate Finance Committee hearing. “As of March 30, the IRS received more than 94.1 million individual returns. We have issued more than 73.3 million refunds for more than $212.3 billion. About 80 percent of returns filed so far claimed a refund, with the average refund totaling approximately $2,900.”
Read More

Source: Accounting Today

News Archive