Friday, March 30, 2018

IRS Tax Reform Tax Tip 2018-49: Taxpayers can Visit IRS.gov for Resources to Help Understand Tax Reform

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Issue Number:    Tax Reform Tax Tip 2018-49


Taxpayers can Visit IRS.gov for Resources to Help Understand Tax Reform

Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers, businesses and the tax community:

  • New Tax Reform Web Page. The IRS created the Tax Reform page to highlight what taxpayers need to know about the tax law changes and how they affect taxpayers. This page also links taxpayers and tax professionals to news releases, publications, notices, and legal guidance related to the legislation.
  • Updated Withholding Calculator. The IRS updated the Withholding Calculator to reflect the changes to the withholding tables. The IRS encourages everyone to use the Withholding Calculator to perform a quick "paycheck checkup," which is even more important this year because of the tax law changes. The calculator helps taxpayers determine if they're having the right amount of tax withheld from their paychecks.
  • Updated Form W-4, Employee's Withholding Allowance Certificate. Taxpayers who determine they need to make changes to their withholding can refer to the new Form W-4, which reflects the tax law changes. Employees will submit the completed Form W-4 to their employers.
  • Frequently Asked Questions. The IRS posted new FAQs to help people understand how to use the Withholding Calculator and the changes to the Withholding Tables.

More information about the tax law changes will be coming throughout the year. IRS.gov will be updated to reflect changes as they develop.

Share this tip on social media -- #IRSTaxTip: Taxpayers can Visit IRS.gov for Resources to Help Understand Tax Reform https://go.usa.gov/xQaWT

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IRS Video Tax Tip: Paycheck Checkup

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Issue Number:    Paycheck Checkup

Inside This Issue


Here is a video tax tip from the IRS:

Paycheck Checkup English

Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

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Consejo en video del IRS: Consejos para usar la Calculadora de Retención del IRS

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Consejos Tributarios del IRS 30 de marzo de 2018

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Edición Número:  Consejos para usar la Calculadora de Retención del IRS

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Suscríbase hoy: Los canales del IRS en YouTube brindan videos cortos e informativos en una variedad de temas tributarios en español, inglés y ASL.

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Thursday, March 29, 2018

IR-2018-78: Tax Time Guide: ‘Where’s My Refund?’ online tool answers commonly asked question

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Issue Number:    IR-2018-78

Inside This Issue


Tax Time Guide: 'Where's My Refund?' online tool answers commonly asked question

WASHINGTON — The Internal Revenue Service today said that most tax refunds are issued in less than 21 days, although some may take longer. As of March 16, the IRS had already issued more than 61 million refunds averaging $2,960. Taxpayers can check the status of their refund online at IRS.gov by visiting the "Where's My Refund?" tool or through the IRS2Go mobile app.

This is the last in a series of nine IRS tips called the Tax Time Guide. The guide is designed to help taxpayers as they near the April 17 tax filing deadline.

There are many factors that can affect the timing of a tax refund. Some tax returns take longer to process because the return includes errors or is incomplete, is affected by identity theft or fraud or, in general, needs further review. The IRS will contact taxpayers by mail if more information is needed to process a return. Once a refund has been approved the time it takes a bank to post the refund to an account can also have an impact. If requesting a paper refund check, taxpayers should also take into consideration the time it takes for it to arrive in the mail.

Taxpayers can use "Where's My Refund?" to start checking on the status of their return within 24 hours after the IRS receives an e-filed return or four weeks after the taxpayers mailed a paper return. The tool has a tracker that displays progress through three phases: (1) Return Received; (2) Refund Approved; and (3) Refund Sent.

Those who use "Where's My Refund?" on IRS.gov or the IRS2Go app must have information from their current tax return to access their information.

The IRS updates "Where's My Refund?" once a day, usually overnight. Rather than calling the IRS and waiting on hold or ordering a tax transcript, taxpayers are encouraged to visit the website and use the tool. The information available online is the same information available to IRS telephone assistors.

Some taxpayers believe they can learn about the status of their refund by ordering a tax transcript. The IRS notes that the information on a transcript does not necessarily reflect the amount or timing of a refund. While taxpayers can use a transcript for help with tax preparation and to validate past income and tax filing status for certain loan applications, they should use the "Where's My Refund?" tool to check the status of their refund.

The use of e-file and direct deposit continue to be the fastest and safest way to file an accurate return and receive a tax refund. More than four out of five tax returns are expected to be filed electronically, with a similar proportion of refunds issued through direct deposit.

The IRS Free File program offers free brand-name software to those with incomes of $66,000 or less. Seventy percent of the nation's taxpayers are eligible for IRS Free File. All taxpayers, regardless of income, can use Free File fillable forms, which provide electronic versions of IRS paper forms to complete and file. Both options are available only through IRS.gov.

Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at IRS.gov anytime. No appointment required and no waiting on hold.

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IR-2018-77: IRS releases Data Book for 2017 showing range of tax data, including audits, collection actions and taxpayer service

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Issue Number:    IR-2018-77

Inside This Issue


IRS releases Data Book for 2017 showing range of tax data, including audits, collection actions and taxpayer service

WASHINGTON — The Internal Revenue Service today released the 2017 IRS Data Book, a snapshot of agency activities for the fiscal year.

The 2017 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2016, to Sept. 30, 2017, and includes information about tax returns, refunds, examinations and appeals, illustrated with charts showing changes in IRS enforcement activities, taxpayer assistance levels, tax-exempt activities, legal support workload, and IRS budget and workforce levels when compared to fiscal year 2016. New to this edition is a section on taxpayer attitudes from a long-running opinion survey.

Revenue Collection, Returns Processing, Taxpayer Service, and Enforcement Actions

During fiscal year 2017, the IRS collected more than $3.4 trillion, processed more than 245 million tax returns and other forms and issued more than 121 million individual income tax refunds totaling almost $437 billion.

The IRS provided taxpayer assistance through almost a half billion visits to IRS.gov and helped more than 53 million taxpayers through different service channels, such as correspondence, toll-free telephone helplines or at walk-in sites. There were also more than 278 million inquiries to the "Where's My Refund?" application. 

Compared to the prior year, there were fewer audits and collection actions during fiscal year 2017. The IRS audited almost 934,000 individual income tax returns during the fiscal year, the lowest number of audits since 2003. The chance of being audited fell to 0.6 percent, the lowest coverage rate since 2002.

In fiscal year 2017, the IRS also continued a years-long effort to fight tax-related identity theft. The IRS Criminal Investigation Division completed 524 criminal investiga¬tions of tax-related identity thefts.

Several collection actions fell during the fiscal year. IRS levies were down 32 percent compared to the prior year, and the agency filed about 5 percent fewer liens than in fiscal year 2016.

The IRS Data Book's online format makes navigating data on taxpayer assistance, enforcement and IRS operations easier. The publication contains depictions of key areas and quick links to the underlying data.

The Comprehensive Taxpayer Attitude Survey (CTAS)

In 2017, more than 2,000 taxpayers provided the IRS feedback via cell phone, landline or online surveys. Their opinions will help inform IRS efforts to improve taxpayer service. Nearly all taxpayers (about 95 percent of respondents) said it is their civic duty to pay their fair share of taxes. Most taxpayers (79 percent of respondents) said that they were satisfied with their personal interactions with the IRS.

An electronic version of the 2017 IRS Data Book can be found on the Tax Stats page of IRS.gov. Printed copies of the 2017 IRS Data Book, Publication 55B, will be available May 2018 from the U.S. Government Printing Office. To obtain a copy, write to the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954, call (202) 512-1800 for voicemail, or fax a request to (202) 512-2250. 

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