IRS filing season statistics for 2020 show the number of returns certified are running behind the pace of last year, but probably not to a significant extent. It should pick up again as the deadline for tax filing on April 15 nears. If taxpayers were hoping for a delay due to the social restrictions associated with the coronavirus, they got one. While the IRS has not put out a statement, Treasury Secretary Mnuchin said on March 20 that the tax deadline would be moved back to July 15. In the mean time, it is possible that social distancing may be playing a part in that taxpayers may not be meeting with tax preparers. Perhaps on-line services and tax preparation software will get a boost this year.
In any case, the size of refunds is about on trend with last year and showing the usual continuing decline in the dollar total as the filing season advances.
Disclaimer: Whetstone Analysis provides commentary as a service to its subscribers. Whetstone Analysis is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated and every effort is made to ensure its accuracy, no guarantee is given that the information provided in this Web site is correct, complete, and up-to-date. Click here to read our full Disclaimer.