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Professional Tax News & Advice

2015 Tax Filing Season Volume Outpacing Prior Year

According to the IRS, the 2015 tax filing season is off to a strong start with most taxpayers filing their returns electronically and choosing direct deposit for their refunds. As of Jan. 31, the IRS received more than 14 million tax returns this year. More than 13 million of those returns have been filed electronically, an indication that more taxpayers are realizing the benefits that e-filing offers. [More]

Report Shows IRS Made Errors on 24% of EITC Payments

Even though the Internal Revenue Service has reported an overall decline in the improper payment rate for the Earned Income Tax Credit since fiscal year 2003, the amount of payments made in error has increased from $10.5 billion in fiscal year 2003 to $14.5 billion in fiscal year 2013, according to a new government report. [More]

Voluntary Education Program Unveiled

Last week, the IRS announced the new voluntary education program available to preparers as early as the 2015 filing season. The AFSP, or Annual Filing Season Program, is a quick fix to the court’s decision to prevent the IRS from regulating tax preparers. The courses encourage tax season readiness and a basic comprehension of tax law. This program will help preparers distinguish themselves from others by showcasing their tax knowledge and understanding on the IRS.GOV website. [More]