As financial experts warned, this year's tax refunds are looking smaller than what taxpayers received last year. While refunds are down 14%, IRS processing is almost 50% faster in first three weeks.
The IRS has accepted tax returns since Jan. 23, the start of the 2023 tax season, and since Feb. 10, has issued 13.3 million federal income tax refunds, up by 48.4% compared to last year, according to data released by the agency on Friday. The agency has also received 28.8 million returns so far, up 9.1% from the same time period last year, according to Detroit Free Press.
The smaller refunds reported from the data come after several financial experts warned that the amount recipients will receive from this year's refund may not be as large as in previous years. Part of the decrease in this year's refund is from the lack of a recovery rebate, which was given to taxpayers in response to the COVID-19 pandemic and gave taxpayers $1,400 per person when filing their 2021 taxes.
An additional change made to filing taxes this year was made to the child tax credit, which granted families either $3,000 in credits for children under 18 or $3,600 in credits for children under 6. This credit has now reverted to its original amount of $2,000 per child. All tax returns for the 2022 tax year are due by April 18. Employers were required to issue Form W-2s to all of their employees by Jan. 31; the IRS recommends any employee who has not yet received this form should contact their employer to receive it.The IRS has advised taxpayers to avoid calling the agency over Presidents Day weekend, as the agency has historically received a peak number of calls during this time.
"The IRS continues to see improvements this tax season compared to previous years, including better phone service," said IRS acting commissioner Doug O'Donnell."But we always see a significant surge in phone traffic around Presidents Day. With the calendar advancing, millions of people turn their attention to taxes during this period. To avoid potential delays, we encourage people to check IRS.gov first, which can provide much of the same information instantly to taxpayers.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Tempers flare early in first school board meeting since death of 14-year-old Adriana KuchTempers flared early at a New Jersey school district’s first board of education meeting since 14-year-old Adrianna Kuch took her own life earlier this month — with the board president even threat…
Consulte Mais informação »
Cops seize 1,100 lbs. of illegal pot, 50 lbs. of edibles at N.J. storage facilitiesNarcotics detectives with the Bergen County Prosecutor’s Office arrested five men on charges they were part of a bulk distribution network
Consulte Mais informação »
Dallas man who admitted to sexually abusing child sentenced to 50 yearsA Dallas man who admitted to repeatedly sexually abusing a 7-year-old girl was sentenced to 50 years in prison, federal officials announced Thursday.
Consulte Mais informação »
Judge orders 14-year-old arrested in Salt Lake killing to remain in detentionA 14-year-old boy accused of killing a 17-year-old Saturday in Salt Lake City was ordered Wednesday to remain in juvenile detention. His attorney says he has nowhere else to go.
Consulte Mais informação »
Don Lemon stuns co-host after saying 50-year-old women are past their primeEarlier this week, Nikki Haley said that there should be 'mandatory mental competency tests for politicians over 75 years old.'
Consulte Mais informação »
Spurs enter break with ‘sour taste’ and 14-game losing streakGregg Popovich hopes players enjoy their All-Star break, but also ruminate on the Spurs’...
Consulte Mais informação »