March 06, 1991
Do It Yourself, Then Zap It to the IRS
More persons who save money by doing their own tax returns are
getting quick refunds by having an electronic return transmitter
send the data to the Internal Revenue Service. Over 40 percent of
the nearly 5.5 million electronic returns filed so far this year
were prepared by the taxpayers themselves, nearly double the
percentage just two years ago.
Many tax preparers who are part of the electronic filing system
accept returns completed by the taxpayer for transmission to the
IRS, and some companies offer transmission services only. Persons
filing electronically can have their refund deposited directly to
their bank account and will get it in about three weeks, while
refunds on paper returns take six to eight weeks.
Nearly 38.9 million returns had been filed as of March 1, and
14.9 million refunds paid, about the same figures as last year at
this time. At $934, the average refund is up 8 percent.
The IRS again reminded persons who served in the Persian Gulf
and their representatives to put "Desert Storm" on returns filed, or
tax bills or examination notices received. This alerts IRS to
taxpayers entitled to tax relief, including extra time to file,
suspension of IRS collection and examination actions and of interest
charges on back taxes.
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