{"id":2888,"date":"2024-09-29T07:03:06","date_gmt":"2024-09-29T07:03:06","guid":{"rendered":"https:\/\/www.tax1099.com\/blog\/?p=2888"},"modified":"2025-11-13T11:58:10","modified_gmt":"2025-11-13T11:58:10","slug":"understanding-the-irs-publication-6961-2024-cy-update","status":"publish","type":"post","link":"https:\/\/www.tax1099.com\/blog\/understanding-the-irs-publication-6961-2024-cy-update\/","title":{"rendered":"Understanding the IRS Publication 6961: 2024 CY Update"},"content":{"rendered":"<p>The IRS has released its latest update to <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p6961.pdf\">Publication 6961<\/a> is revised annually to update detailed calendar year projections of information and withholding documents to be filed at the U.S. and campus levels. Projections are also available by submission method. The projections incorporate the latest changes in legal, regulatory, administrative, and recent filing experiences.<\/p>\n<h2 aria-level=\"4\">Overview<\/h2>\n<p>Every year, the Research, Applied Analytics, and Statistics staff in the Statistics of Income (SOI) Division publish Calendar Year (CY) estimates of information and withholding papers to make sure they accurately reflect previous filing experiences. These publications also include pertinent economic and demographic trends, as well as current legislative and administrative initiatives, as applicable. IHS Mark it provides a selection of the economic and demographic statistics that went into developing some of these estimates.<br \/>\nThe Internal Revenue Service (IRS) operational and resource planning functions largely use the data and withholding document projections in this report to help them formulate their budget proposals, manpower requirements, and other studies. These forecasts take into account confirmed administrative plans and enacted tax legislation amendments.<\/p>\n<p><b>Purpose<\/b>: The IRS annually provides these projections to reflect current filing experiences and legislative initiatives, alongside economic and demographic trends.<\/p>\n<p><b>Use: <\/b>The projections in Publication 6961 showcase the operational planning, budgeting, and staffing. It allows the agency to adapt to changes in tax laws and administrative strategies.<\/p>\n<p><b>Key Data Sources<\/b>: The forecasts make use of numerous data sources, such as:<\/p>\n<ul>\n<li>Documents related to Information Returns Processing (IRP)<\/li>\n<li>Master Files for IRS and W-2 reports<\/li>\n<li>Many university resources, such as dedicated reports for currency transaction reports and returns of foreign information.<\/li>\n<\/ul>\n<h2>Major Highlights from the projections from CY 2023-2032<\/h2>\n<h3 aria-level=\"4\">IRS Campus-Level Projections<\/h3>\n<p>The IRS continues to consolidate paper processing to fewer campuses\u2014primarily in Austin, Kansas City, and Ogden\u2014after halting operations at the Fresno campus in 2021. This consolidation aims to enhance efficiency and streamline processing capabilities.<\/p>\n<ul>\n<li>The grand total number of paper filings for the <strong>Austin<\/strong> campus in CY 2023 was <strong>11.51 million<\/strong> documents. The corresponding number for the <strong>Kansas City<\/strong> campus was <strong>9.56 million<\/strong> documents. The <strong>Ogden campus<\/strong> processed <strong>5.76 million<\/strong> paper documents in CY 2023.<\/li>\n<li>The grand total number of paper information and withholding documents processed in CY 2023 was 26.72 million; it is projected to decrease to <strong>22.69 million<\/strong> in <strong>CY 2024<\/strong>, then decrease to <strong>10.22 million<\/strong> documents by <strong>CY 2032<\/strong>.<\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-2890\" src=\"https:\/\/www.tax1099.com\/blog\/wp-content\/uploads\/2024\/09\/IRS-Report-1.png\" alt=\"\" width=\"627\" height=\"459\" \/><\/p>\n<p><strong>Figure<\/strong>: It&#8217;s a consolidated graph from table 5A to 5C of full report and the numbers of CY 2023 are actual filings.<br \/>\n<span style=\"color: #3366ff;\">SOURCE: <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p6961.pdf\">IRS, Statistics of Income Division, Publication 6961, September 2024.<\/a><\/span><\/p>\n<h3 aria-level=\"4\">Projections by Form Type<\/h3>\n<p><b><a href=\"https:\/\/www.tax1099.com\/1099-forms\/efile-form-1099-k\">Form 1099-K<\/a>:<\/b> Significant increase due to the lower reporting threshold, with an estimated <b>20 million additional forms<\/b> by 2025.<\/p>\n<p><b><a href=\"https:\/\/www.tax1099.com\/1099-forms\/efile-1099-int-form\">Form 1099-INT<\/a>:<\/b> Increased filings are expected due to rising Federal Funds Rates, correlating with higher interest income.<\/p>\n<p><b>Form 1098-E:<\/b> An expected rise of <b>13 million returns<\/b> is anticipated after the expiration of the student loan payment pause initiated under the CARES Act.<\/p>\n<h3 aria-level=\"4\">Paper vs. Nonpaper Filings<\/h3>\n<ul>\n<li><b>Paper Filings:<\/b> Expected to decline further as electronic filing mandates grow.<\/li>\n<li><b>Nonpaper Filings:<\/b> Increasing significantly due to legislative pushes towards electronic submissions.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2891\" src=\"https:\/\/www.tax1099.com\/blog\/wp-content\/uploads\/2024\/09\/irs-report-2.png\" alt=\"\" width=\"573\" height=\"511\" \/><\/p>\n<p><strong>Figure<\/strong>: It&#8217;s a consolidated graph from table 4 of full report. The numbers of CY 2024 are actual filings.<br \/>\n<span style=\"color: #3366ff;\">SOURCE: <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p6961.pdf\">IRS, Statistics of Income Division, Publication 6961, September 2024.<\/a><\/span><\/p>\n<h3>Key Highlights:<\/h3>\n<ul>\n<li>Out of the 41 nonpaper information and withholding documents processed for CY 2023, the top 5 accounted for <strong>88.19%<\/strong> of the total nonpaper documents processed.<\/li>\n<li>The grand total number of information and withholding documents processed in CY 2023 was <strong>5.4 billion<\/strong>. The grand total after CY 2023 is projected to grow at an average annual rate of <strong>3.58%<\/strong>, reaching <strong>7.37 billion documents by CY 2032<\/strong>.<\/li>\n<li>The grand total number of information and withholding documents processed electronically was <strong>5.37 billion<\/strong> in <strong>CY 2023<\/strong>. It is projected to grow at an average annual rate of <strong>3.63%<\/strong>, reaching <strong>7.36 billion<\/strong> documents by <strong>CY 2032<\/strong>.<\/li>\n<\/ul>\n<h2 aria-level=\"3\">Conclusion<\/h2>\n<p>The IRS Publication 6961 is a crucial document for tax professionals, businesses, and taxpayers, highlighting the evolving landscape of tax reporting and compliance. With significant increases projected for various forms, specially <b>Form 1099-K<\/b>, it\u2019s vital to stay informed about these trends and prepare for their implications.<br \/>\nFor more details, check: <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p6961.pdf\">IRS Publication 6961 (2024 Update)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS has released its latest update to Publication 6961 is revised annually to update detailed calendar year projections of information and withholding documents to be filed at the U.S. and campus levels. Projections are also available by submission method. The projections incorporate the latest changes in legal, regulatory, administrative, and recent filing experiences. Overview [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2889,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[186],"tags":[379,381,187,380,382],"class_list":["post-2888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs-updates","tag-irs-publication","tag-irs-publication-6961","tag-irs-updates","tag-irs-yearly-publication","tag-publication-6961-2024-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the IRS Publication 6961: 2024 CY Update | Tax1099 Blog<\/title>\n<meta name=\"description\" content=\"IRS releases Publication 6961 annually with revised detailed CY projections of information &amp; withholding documents. 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