E-Returns Expected to Grow to 50 percent of Total by 2007

According to recent statistics suggested by the IRS, basic tax returns that are filed electronically in 2007 are expected to total almost 50 percent of all returns filed during a typical tax season. Last year the total was 125.1 million returns.

In 2000 alone, it is expected that 33.6 million returns will be filed over the Internet for 26.5 percent of the total. The number of electronic returns is expected to grow to an average of 60 million returns by 2007.

Reasons are attributed to faster response for refunds by the IRS, along with an increase in the number of electronic filing sites and ease of preparation.

The outlook, however, remains rosy for tax preparers. Last year, 21.2 million returns were filed with the assistance of a tax professional.

You may like these other stories...

Treasury prepares options to address tax inversionsDamian Paletta of the Wall Street Journal reported on Monday that US Treasury Department officials are assembling a list of administrative options for Treasury Secretary...
Deloitte CEO Joe Echevarria to retire to pursue public serviceMichael Rapoport of the Wall Street Journal reported that Deloitte LLP CEO Joe Echevarria plans to retire later this month to pursue his interest in public...
If your clients include retailers, pending federal legislation allowing states to tax Internet sales could mean big changes in the way they process and account for their sales and use taxes.In July, the Marketplace and...

Already a member? log in here.

Upcoming CPE Webinars

Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.