The number of tax returned certified in the 2020 filing seasons continues to lag the pace of 2019. This is no surprise given that the deadline has been moved back to July 15 from April 15. In a normal year, those procrastinating about filing would be starting to prepare their returns now as well as those whose returns are done but are waiting until the last minute because they owe taxes. This year, those who are owed refunds are likely to file sooner rather than later to get some cash in hand in to shore up household balance sheets. Those who owe will take advantage of a three month grace period.
The size of refunds is behaving normally so far in 2020, but that may drop off if the later filers are mostly those who owe taxes.
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.