IRS statistics has revealed that taxpayers still aren’t rushing to file
on time on January 27, 2020, one day earlier than in 2019. As of the end of the second full week of tax season , the IRS had received 28,662,000 individual income tax returns. That compares with 28,764,000 received by the same time in 2019, a drop of .4%. On its face, that’s not a significant drop, but compared to the 2018 numbers, the decrease is noticeable. In 2018, the IRS received 30,881,000 individual income tax returns by the second week of the filing season, a drop of nearly 7%.
And what about those tax refunds? Typically, taxpayers with simple tax returns who count on their tax refunds file early in the tax season.By the end of the second week, the IRS issued 10,837,000 tax refunds as compared to 11,381,000 - a drop of 4.8%. But compared with those 2018 numbers? The IRS issued 13,517,000 tax refunds for the same period in 2018. That’s a drop of about 20% over two years. The total value of tax refunds issued this tax season is $21.157 billion, down 4.
while others say that the mandatory refund waiting period for taxpayers who claim the earned-income tax credit and the additional child tax credit may mean that taxpayers are adjusting their filing schedules. And yes, I know that it’s the end of February: IRS has not updated its filing stats since the week ending February 7, 2020.
It sure feels like tax season is just getting started: Tax Day is April 15, 2020, for most taxpayers. Check back with
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