The California Franchise Tax Board (FTB) recently released some initial data on the 2019 tax filing season. As of June 1st, the FTB had processed 17.4 million personal income tax returns, a vast majority (88%) of which were e-filed. A total of $11.7 billion in personal income tax refunds were issued to 12 million individual taxpayers, 98% of whom received their refunds within 30 days of filing. The FTB also received 1.1 million business entity returns and issued 92,000 refunds to business taxpayers, totaling $553 million. To read the full update, click here.
The Internal Revenue Service (IRS) estimates that it has nearly $1.4 billion in unclaimed income tax refunds due to about 1.2 million taxpayers who failed to file a 2015 Form 1040. The deadline to claim these funds is this year's return filing deadline, April 15, 2019.
The Treasury Inspector General for Tax Administration (TIGTA) released its final report on the 2018 filing season just before the federal government shutdown. As of May 4, 2018, the Internal Revenue Service (IRS) received over 140 million tax returns, 89% of which were e-filed. The IRS issued over 101 million refunds in 2018, totaling nearly $282 billion.
The Treasury Inspector General for Tax Administration (TIGTA) released a report providing interim results for the 2018 federal tax filing season. As of March 2, 2018, the Internal Revenue Service (IRS) had received approximately 61 million tax returns and issued over 48 million refunds totaling almost $148 billion.
The California Franchise Tax Board (FTB) released highlights from the 2017 filing season in its most recent newsletter. The number of personal income tax returns filed has increased 1 percent since the last filing year, and business entity returns filed has increased by 3.4 percent. The FTB issued over 12 million personal refunds for the 2017 season, totaling $12.6 billion, and over 165,000 business refunds, totaling $837 million.
On January 31, 2017, the Treasury Inspector General for Tax Administration (TIGTA) released its final report on the results of the 2016 tax filing season. As of early May 2016, the IRS had received 139.6 million individual tax returns, over 88% of which were filed electronically. Almost $277 billion was issued related to 101 million refunds. However, TIGTA identified several areas in which claims and credits were inadequately substantiated.
The IRS has begun releasing detailed notices on the top 12 most common tax scams taxpayers may encounter during the 2017 filing season. Included so far are:
California's Franchise Tax Board, which is responsible for administering the state's personal income tax and corporation tax programs, has recently launched an enhanced version of the website California taxpayers use to file and pay their taxes. The improved site, "myFTB," allows individuals to access account information, take advantage of convenient online services, and communicate with FTB representatives.
See below for an important message from the California Franchise Tax Board: