It’s a rarity that anyone ever has anything good to say about the IRS; just as it’s a rarity that the federal tax agency has good news for taxpayers. However, according to recent reports, the IRS does have some very good news to share in regards to tax returns so far in 2015.
While earlier reports indicated that the IRS would not be able to respond to nearly as many inquiries from taxpayers this year – especially over the phone – more people are using the agency’s website tools to find help and get answers. Meantime, so far, the IRS says that it has received almost 20 percent of the total returns they expect to get this year. So what’s the good news?
It’s actually two-fold. First, the tax agency is reporting that of the roughly 27.5 million tax returns they have received have, 19.7 million of them have been issued a refund. Those refunds have been moving according to schedule, which is contrary to earlier reports, which indicated that the IRS would most likely be slower in issuing returns this year.
The other good news is that the returns have generally been larger than last year. So far the IRS has issued a total of about $66 billion in returns, with the average return coming in at $3,366. That is a little more than the average amount at this same time in 2014. Also of note, nearly 95 percent of all returns that the IRS has issued so far have been sent through direct deposit.
The post Believe it or Not, So Far the IRS Is Refunding More Money This Year first appeared on Advisors to the Ultra-Affluent – Groco.