Data Book

Mega Refund
03.29.2018

Please read through the following article brought to you by the IRS! 

'IRS Releases Data Book for 2017'

IR-2018-77, March 29, 2018

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 investiga­tions 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.

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Full article can be found on IRS.gov

For more on the latest in tax news and updates, follow us on social media and our website at MegaRefundIncomeTax.com! 

-Mega Refund

The after presidents day rush!

02.20.2018
Mega Refund





The following is an brief summary article over the best methods on getting your answers over tax questions concerning the IRS! Enjoy!






IR-2018-31, Feb. 20, 2018

WASHINGTON — The Internal Revenue Service alerted taxpayers the day after Presidents Day marks the busiest day of the year for calls to the toll-free help line. The IRS reminded taxpayers that most answers to their tax questions can be quickly found on IRS.gov.

Taxpayers who call the IRS the day after Presidents Day can expect longer than usual wait times. Those who need to call can avoid the rush by waiting a day or two or by using online options to get their tax questions answered immediately.

To help taxpayers, the IRS has redesigned its website to make it easier to use, whether with a computer, smart phone or tablet. A good first stop is the IRS Services Guide, which provides an overview of the many IRS.gov tools available to taxpayers and tax professionals. For fast answers to general tax questions, taxpayers can search the Interactive Tax Assistant, Tax Topics, Frequently Asked Questions, Tax Trails and IRS Tax Map.

Those who have already filed can use the "Where’s My Refund?" tool to track their refund. Alternatively, they can call 800-829-1954 for automated refund information.

“Where’s My Refund?” is the best way to check the status of a refund. The application displays progress through three stages: (1) Return Received, (2) Refund Approved, and (3) Refund Sent. Taxpayers get personalized information based on the processing of their tax return. The tool provides an actual refund date after the IRS has approved a refund.

The IRS reminded taxpayers about a common misconception that requesting a tax transcript will help a taxpayer determine the status of their refund. The information included on a transcript does not necessarily reflect the amount or timing of a refund. Transcripts are best used to validate past income and tax filing status for loan applications and to help with tax preparation.

Taxpayers visiting IRS.gov will also find answers to tax questions about filing requirements and credits and deductions that may be available to them and can download forms and instructions. Taxpayers who owe additional tax can learn about payment options or what steps they can take online to create a payment agreement if they can’t pay what they owe all at once.

Employees who did not receive a Form W-2 from their employer should first contact their employer. If they receive no response by the end of February, they can call the IRS and the agency will contact the employer by mail. Taxpayers may have to use Form 4852, Substitute for Form W-2, and estimate wages and withholding by using their pay statements and other records.

Taxpayers must file their 2017 tax returns by April 17, 2018, or request a six-month extension. Extensions can be requested using Free File, by filing Form 4868 or by paying all or part of the estimated income tax due and indicating that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS) or a credit or debit card. Taxpayers don’t have to file a separate extension form and they receive a confirmation number for their records.

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The full article can be found on IRS.gov

For more on the latest tax news and updates, please follow us online on our social medias! Face Book Twitter and more on our website:  MegaRefundIncomeTax.com 

-Mega Refund Staff

Filing Scheme Emerges! Scam Alert!

02.03.2018
Mega Refund

As tax scams are on the rise, we encourage everyone to be on the look out of suspicious actives, both online and when you are on the phone. Thieves are always out to get your information and money!  The following article provides updated information on the IRS's attempt to stop fraud. 

"Tax Scams / Consumer Alerts"

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.

The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. See also: How to know it’s really the IRS calling or knocking on your door

Scams Targeting Taxpayers
IRS-Impersonation Telephone Scams

A sophisticated phone scam targeting taxpayers, including recent immigrants, has been making the rounds throughout the country. Callers claim to be IRS employees, using fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling.

Victims are told they owe money to the IRS and it must be paid promptly through a gift card or wire transfer. Victims may be threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting. Victims may be told they have a refund due to try to trick them into sharing private information. If the phone isn't answered, the scammers often leave an “urgent” callback request.

Please See: Consumer Alert: Scammers Change Tactics, Once Again  (Article)

Some thieves have used video relay services (VRS) to try to scam deaf and hard of hearing individuals. Taxpayers are urged not trust calls just because they are made through VRS, as interpreters don’t screen calls for validity. For details see the IRS video: Tax Scams via Video Relay Service.  (YouTube)

Limited English Proficiency victims are often approached in their native language, threatened with deportation, police arrest and license revocation, among other things. IRS urges all taxpayers caution before paying unexpected tax bills. Please see: IRS Alerts Taxpayers with Limited English Proficiency of Ongoing Phone Scams.  (Article)

Note that the IRS doesn't:

Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.
Demand payment without giving you the opportunity to question or appeal the amount they say you owe.
Ask for credit or debit card numbers over the phone.

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Full article can be found on IRS.gov

For more on the latest information, facts and news on Income Tax laws please follow us online at MegaRefundIncomeTax.com

-Mega Refund Staff

2018 Tax Filing Season Begins!

Mega Refund
01.10.2018

2018 Tax Filing Season Begins Jan. 29, 

Tax Returns Due April 17; Help Available for Taxpayers

 The following information provided by the Internal Revenue Service, regarding the 2017-18 income tax year. 

WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds.

The IRS set the Jan. 29 opening date to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns.

The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return.

The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are using a tax software product for the first time will need their adjusted gross income from their 2016 tax return to file electronically. Taxpayers who are using the same tax software they used last year will not need to enter prior-year information to electronically sign their 2017 tax return. Using an electronic filing PIN is no longer an option. Taxpayers can visit IRS.gov/GetReady for more tips on preparing to file their 2017 tax return.
April 17 Filing Deadline

The filing deadline to submit 2017 tax returns is Tuesday, April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 17, 2018. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.

The IRS also has been working with the tax industry and state revenue departments as part of the Security Summit initiative to continue strengthening processing systems to protect taxpayers from identity theft and refund fraud. The IRS and Summit partners continued to improve these safeguards to further protect taxpayers filing in 2018.

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Full article, please visit IRS.GOV 

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-Mega Refund

IRS Offers to Help Students!

04.03.2017
Mega Refund

If you're a student, please read through this article from the IRS!

IRS Offers Help to Students, Families to Get Tax Information for Student Financial Aid Applications

Update March 30, 2017: Internal Revenue Service (IRS) and U.S. Department of Education Office of Federal Student Aid (FSA) Statement‎ about the IRS Data Retrieval Tool (DRT)

You must have information from your tax return in order to file a Free Application for Federal Student Aid (FAFSA®) or apply for an income-driven repayment plan.

The IRS Data Retrieval Tool (DRT) used to access your tax information for the FAFSA and income-driven repayment (IDR) plan applications is currently unavailable.

This does not limit an individual’s ability to apply for aid or an IDR plan. Applicants can manually provide their tax return information. The online FAFSA and IDR applications remain operational, and applicants can continue filing the FAFSA or applying for an IDR plan as they normally would.

Getting Your 2015 Tax Return Information For the 2016–17 and 2017–18 FAFSA

Applicants filing a 2016–17 or 2017–18 FAFSA must use data from their 2015 tax returns.

You should always retain a copy of your tax return, either electronically or on paper, and keep it in a secure place.

If you did not keep a copy of your tax return, here are some options:

Access the tax software product you used to prepare and file your 2015 return. You may be able to access your account to download/print a copy.
Contact the tax preparer/provider who filed your 2015 return if you used a tax professional.
Download your tax transcript (a summary) at Get Transcript Online. Review the rigorous identity authentication requirements for Secure Access before attempting to register.
Use Get Transcript by Mail and a transcript will be mailed to the address on your return within five to 10 days.
Call our automated line at 800-908-9946 to order a transcript by mail.

If you filed an amended tax return, Form 1040X, you should use the adjusted gross income and earned income listed on your revised tax return.

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Source information found at IRS.gov

For more on the latest tax news and updates, follow us here at Blogger or our website at MegaRefundIncomeTax.com !

-Mega Refund Staff

Get your Transcript

03.14.2017
Mega Refund

Getting a hold of your information for the filing season!

  For most during the tax season, it becomes a struggle to gather up all of your personal income tax forms and information. For some, the process may become a horrific case of LOST or MISSING forms (often, not easily replaced). In an effort to help reduce filing time and help tax payers retrieve missing information for their current (or past) filing year(s), the IRS has implemented:

GET TRANSCRIPT BY MAIL

&

GET TRANSCRIPT ONLINE

  As quoted on the IRS.gov site: "You can get various Form 1040-series transcript types online or by mail. If you need your prior year Adjusted Gross Income (AGI) to e-file, choose the tax return transcript type when making your request. If you only need to find out how much you owe or verify payments you made within the last 18 months, you can view your tax account. "



  The service is available through out the season and off-season for the convenience of the tax payer. When using the service, please calculate for wait times and information needed for requesting information from the 'Get Transcript' application. For more information on the 'Get Transcript' application or any other IRS services, please follow the link below!



https://www.irs.gov/individuals/get-transcript





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Source information found at IRS.gov

For more on the latest tax laws and IRS news, follow our Blogger, Facebook or Twitter! MegaRefundIncomeTax.com

-Mega Refund Staff

990 EZ for Exempt Organizations!

02.23.2017
Mega Refund


Please read the brief summary on the latest changes for Tax Exempt Organizations by the IRS!


IRS Releases Updated Form 990-EZ; New Options to Help Exempt Organizations Avoid Errors, File a More Accurate Return


WASHINGTON — The IRS announced today the release of an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, that will help tax-exempt organizations avoid common mistakes when filing their annual return.

The updated Form 990-EZ includes 29 “help” icons describing key information needed to complete many of the fields within the form. The icons also provide links to additional helpful information available on IRS.gov. These “pop-up” boxes share information to help small and mid-size exempt organizations avoid common mistakes when filling out the form and filing their return.

“We’ve been reviewing the areas of the form where exempt organizations encounter the most trouble,” said IRS Commissioner John Koskinen. “One out of three paper filers has an error on their form. After reviewing these trouble spots, we developed this new option to help groups navigate the form. This common-sense approach is designed to make it easier for exempt organizations to avoid problems up front – and avoid getting a follow-up contact from the IRS.”

On the new form, the help icons are marked in boxes with a blue question mark. The icons and underlying links work on any device with Adobe Acrobat Reader and Internet access. Once completed, filers can print Form 990-EZ and mail it to the IRS.

Although many large exempt organizations are required to file Form 990-series information returns electronically, the IRS encourages all exempt organizations to consider filing electronically.

In 2016, the error rate for electronically-filed 990-EZ returns was only 1 percent, compared to the 33 percent error rate in paper-filed returns. In 2016, the IRS processed over 263,000 Forms 990-EZ, with the majority of the filings – 139,000 -- on paper.

A list of providers assisting with electronic filing is available on IRS.gov.

Exempt organizations should keep in mind that the new help icons do not replace the Form 990-EZ instructions. Filers should review the Form’s instructions when completing a return and use the help icons as an additional tool.

The IRS also reminds exempt organizations that Form 990-series returns are due on the 15th day of the fifth month after an organization’s tax year ends. Many organizations use the calendar year as their tax year, making May 15, 2017, the deadline to file for tax year 2016.

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Source information found at IRS.GOV

For more on the latest tax news and updates, please follow us on Facebook,Twitter,Blogger and MegaRefundIncomeTax.com !

-Mega Refund Staff