Tax & Accounting News
2014 IRS Data Book Released
Each year the Internal Revenue Service releases a volume called the IRS Data Book, which provides statistical information about the agency's actions over the previous year. Today the 2014 version of the book was released, providing information on all activities between October 1, 2013 and September 30, 2014.
Upon releasing the information, IRS Commissioner John Koskinen commented on the changes that 2014 brought to the agency. “Fiscal year 2014 marked the fourth consecutive year IRS appropriations were reduced,” he said. “These reductions required us to change our approach to taxpayer service and enforcement operations; with fewer resources, we saw decreases in the number of phone calls answered and the number of audits completed.”
The impact of the budget cuts on the agency can be clearly seen in the numbers presented within the IRS Data Book, which tallies such specifics as the number of returns filed, the amount of tax revenue collected, the amount of time spent on enforcement and taxpayer assistance, and how many employees the agency staffed. Trends shown in the charts clearly showed declines in telephone and in-person tax assistance and audits, while the resources that were available through volunteers and online were clearly utilized more.
Highlights of the 2014 report included:
The IRS processed nearly 240 million returns in 2014
The IRS collected nearly $3.1 trillion
147 million individual tax returns were filed, and 84 percent were e-filed
65 percent of all tax returns were filed electronically
116 million individual tax return filers received a refunds, totaling $330 billion
Fewer than one percent of all tax returns filed were reviewed by the IRS
Of all the individual tax returns that were examined, three percent were owed additional refunds
While one-on-one or live assistance was reduced, the IRS did indicate that they still helped over 69 million taxpayers through their walk-in sites or on their toll free helpline. There were also 437 million visitors who accessed the IRS.gov website during the year, which is where you can find an electronic version of the report. With the IRS having decreased the amount of support this tax season, you can contact Kolen Services a Fredericksburg tax preparation provider knowing they will help you every step of the way.
Musheerah "Shalom" Kolen
Located in Fredericksberg VA, Musheerah "Shalom" Kolen is the owner of Kolen Services. She is a specialist in many services that include tax accounting and is a certified Quickbooks ProAdvisor. With her extensive background as military veteran she is very knowledgable in government regulations and various business concepts. With years of experience and knowledge of the tax and accounting industry she can help you get the information and outcome you deserve. Musheerah enjoys educating her clients with tips and tricks that can help save you lots of money. Read this weeks article and stay turned for next weeks.
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