Nitheesh NH
Each year, the IRS reports tax return filings and refunds on a weekly basis, starting at the end of January until the April 15 deadline. This year, in response to the ongoing coronavirus outbreak, the US Department of the Treasury (of which the IRS is a division) announced that the deadline to file (and more importantly, to pay) has been extended to July 15.
In this report, we look at what happened in the 23rd week of the 2020 tax filing season.
As of July 3, 2020:
*Includes returns filed to obtain Economic Impact Payments by those who would not usually file income tax returns
Source: IRS[/caption] The graph below shows total refunds increasing at a 1.2% CAGR during 2015–2019. [caption id="attachment_112834" align="aligncenter" width="700"]
Source: IRS[/caption]
- The IRS had received 142.4 million tax returns and processed 130.6 million. The number of returns received were down 2.0%, while those processed slid by 9.5%. The number of tax filings continued to narrow the gap with last year, with less than two weeks remaining until the deadline.
- The IRS temporarily closed all Taxpayer Assistance Centers and suspended in-person customer services nationwide—although some centers are now offering service by appointment. A high number of taxpayers have therefore used the IRS website for information. The site logged almost 1.33 billion visits, up 161.3% year over year.
- A total of 95.2 million refunds had been issued as of July 3, totaling $263 billion and averaging $2,762 each. The number of refunds issued was down 9.6%, and the total amount refunded was down 8.7%, year over year. However, the average refund grew 0.9% year over year.
- Of those refunds issued, 83.1% were paid using direct deposit. The average direct deposit refund was $2,901, up 0.6% year over year.
*Includes returns filed to obtain Economic Impact Payments by those who would not usually file income tax returnsSource: IRS[/caption] The graph below shows total refunds increasing at a 1.2% CAGR during 2015–2019. [caption id="attachment_112834" align="aligncenter" width="700"]
Source: IRS[/caption]