IRS Has Handed Out More Than $100 Billion in Refunds so far
As with every tax season there have been some mistakes that have caused problems for some taxpayers, as well as the usual battle with tax scams that pop up every year. However for the most part, the refund process has gone well to this point. In fact, at the end of February, the IRS reported that it had issued $125 billion and processed nearly 40 million tax returns. The average refund was reportedly $3,120.
Compared to last year, the IRs is only about .1 percent behind in the number of returns it has processed. As for refunds compared to the same time last year, the IRS has issued 1.1 percent fewer than in 2014. The average amount is up by $4, which individually isn’t much, but it’s a good sign for the country as a whole. The IRS says that so far about four out of every five returns has received a refund this year.
On the downside, that trend is not likely to continue, given that most of the early filers are typically expecting a refund. Those who expect to owe money often wait as long as they can before sending in their return. Overall, the nation’s top tax agency expects to process more than 150 million income tax returns before the tax season officially ends on April 15.
Still haven’t filed your return? It’s not too late. Contact GROCO today for help at 1-877-CPA-2006, or by clicking here.
How to Bring in a New Partner
How to Bring in a New Partner By Matt Dickstein, Business Attorney In this article, I will give you a quick overview of how do you buy into a company to bring in a new shareholder or partner to help with your business. If you are on the other side of the table as…
The Pros & Cons of S-Corporation Status
The Pros & Cons of S-Corporation Status If the number of shareholders in your corporation is small, you may think that becoming an S-Corporation is the right move, but you should weigh the advantages and disadvantages first. Advantages of S-Corporation Status One of the main advantages of S-Corporation status is that it avoids the double…
What is Sole Proprietorship?
What is Sole Proprietorship? A sole-proprietorship is a business that is owned by one person or by a husband and wife. Unless the business is formed as a corporation or a limited liability company, it will be a sole-proprietorship by default. One of the biggest advantages of operating a business as a sole-proprietorship is that…
Conducting Your Business as a Corporation
Conducting Your Business as a Corporation The limited personal liability of a corporation isn’t ironclad. In the event the business ends up owing more money to a creditor than it has the ability to pay, the creditor will then look to the business owner. Under a legal theory known as “piercing the corporate veil,” if…