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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 (IRS) opened tax season on time, initial statistics show that taxpayers aren’t lining up to file early returns.
Tax season opened on January 27, 2020, one day earlier than in 2019. In the first full week of tax season (ending January 31, 2020), 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. In 2018, the IRS received 18,302,000 individual income tax returns received by the same time last year, a drop of nearly 14%.
The IRS also reported a drop in the rate that individual income tax returns were processed in the first week. Again, the decline of nearly 3% isn’t necessarily telling. Still, it appears to be a continuation of a drop from the prior year when almost 25% fewer returns were processed during the first week of tax season.
And what about those tax refunds? Typically, taxpayers with simple tax returns...
Story courtesy of Forbes
Kelly Phillips Erb - Senior Contributor
February 11, 2020
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