IR-2015-38: IRS Issues Revised Publications this Week, 3 out of 5 Still Need to File

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IRS Newswire March 4, 2015

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Issue Number:    IR-2015-38

Inside This Issue


IRS Issues Revised Publications this Week, 3 out of 5 Still Need to File

WASHINGTON — With almost 59 million tax returns filed so far, the Internal Revenue Service estimates that three out of five taxpayers have yet to file their tax returns, according to statistics released today.

For taxpayers still working on their taxes, the Internal Revenue Service added three revised publications to IRS.gov just this week. These publications will help businesses and individuals understand how to figure depreciation as well as pension options.

  • Publication 946, How to Depreciate Property explains how you can recover the cost of business or income-producing property through deductions for depreciation. The publication was updated to reflect the extension of expiring tax provisions in legislation signed into law on Dec. 19.
  • Publication 4587, Payroll Deduction IRAs for Small Businesses explains that individuals saving in a traditional IRA may be able to receive some tax advantages on the money they contribute, and the investments can grow tax-deferred.
  • Publication 4334, SIMPLE IRA Plans for Small Businesses explains how a SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan offers great advantages for businesses that have 100 or fewer employees (who earned $5,000 or more during the preceding calendar year) and that do not have another retirement plan.

The IRS constantly adds revised tax forms, publications, instructions and tax information to IRS.gov. The IRS encourages taxpayers to frequently visit IRS.gov, including the forms and pubs page for all current forms and publications, updates and changes, and additional information.

 

2015 FILING SEASON STATISTICS

Cumulative statistics comparing 2/28/14 and 2/27/15

Individual Income Tax Returns:

2014

2015

% change

Total Receipts

58,883,000

58,528,000

-0.6

Total Processed

57,410,000

56,857,000

-1.0

 

 

 

 

E-filing Receipts:

 

 

 

TOTAL          

54,942,000

55,104,000

0.3

Tax Professionals

30,053,000

28,733,000

-4.4

Self-prepared

24,889,000

26,371,000

6.0

 

 

 

 

Web Usage:

 

 

 

Visits to IRS.gov

163,397,540

179,918,451

10.1

 

 

 

 

Total Refunds:

 

 

 

Number

48,429,000

47,547,000

-1.8

Amount

$146.918

Billion

$144.903

Billion

-1.4

Average refund

$3,034

$3,048

0.5

 

 

 

 

Direct Deposit Refunds:

 

 

 

Number

42,380,000

43,228,000

2.0

Amount

$131.203

Billion

$136.571

Billion

4.1

Average refund

$3,096

$3,159

2.0

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