Though the Internal Revenue Service (IRS) opened tax season on time, initial statistics show that taxpayers aren’t lining up to file early returns
If you thought that last tax season got off to a sluggish start, you might be surprised at this year’s numbers. Though the Internal Revenue Service opened tax season on time, on January 27, 2020, one day earlier than in 2019. In the first full week of tax season , the IRS received 15,777,000 individual income tax returns. That compares with 16,035,000 received in 2019, a drop of 1.6%. On its face, that’s not a significant drop, but compared to the 2018 numbers, the decrease is noticeable.
And what about those tax refunds? Typically, taxpayers with simple tax returns who count on their tax refunds file early in the tax season.In the first week, the IRS issued just 4,299,000 tax refunds as compared to 4,672,000 - a drop of 8.0%. But compared with those 2018 numbers? The IRS issued 6,171,000 tax refunds for the same period in 2018. That’s a drop of more than 30% over two years. The total value of tax refunds issued is $8.036 billion, down 7.8% for the prior year .
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