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LATEST IRS NEWS

January 6th, 2012

IRS Releases New Tax Gap Estimates; Compliance Rates Remain Statistically Unchanged From Previous StudyWASHINGTON -The Internal Revenue Service today released a new set of tax gap estimates for tax year 2006. The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time.The new tax gap estimate represents the first full update of the report in five years, and it shows the nation's compliance rate is essentially unchanged from the last review covering tax year 2001

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January 4th, 2012

When Can I Expect My Refund? The Internal Revenue Service reminds taxpayers to keep in mind that many variables can affect the speed of a tax refund.Using e-file with direct deposit remains the fastest option for taxpayers. Following technology improvements, the IRS will issue refunds to more taxpayers in as few as 10 days this year for those who e-file and select direct deposit. Overall, the IRS issues the vast majority (more than 9 out of 10) of all refunds - whether filed electronically or on paper - in 21 days or less

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