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Saturday March 28, 2020
Peak IRS Filing Season after Presidents Day Holiday
The two weeks after Presidents Day is usually peak IRS filing season. The IRS reports that the number of tax returns and refunds is down slightly from last year. As of February 7, 2020, the IRS had issued 10.83 million refunds. This is down from the 11.38 million refunds issued at this time last year. The total refunds issued were $21.16 billion, down 4.6% compared with $22.18 billion distributed by February 8, 2019.
However, the average refund was slightly higher. The average refund as of February 7, 2020, was $1,952. This is up from $1,949 at this time last year.
Most tax returns so far have been e-filed. Self–preparers e-filed approximately 17.18 million returns as of February 7. This is up 3.5% compared with last year.
Tax professionals e-filed 10.59 million returns as of February 7, 2020. This number is down 3.7% compared with last year.
In IR-2020-30, the IRS offered tax tips and urged taxpayers to avoid the late February tax rush.
Published February 14, 2020