CHARTS & GRAPHS

Average Tax Refunds Down 10%

By

table of IRS weekly dataReturns by tax pros are one of the only positives.

By Beth Bellor
CPA Trendlines Research

The average tax refund is down 10 percent, but it’s just part of a pattern. Virtually every piece of data the Internal Revenue Service reports weekly is in the red.

MORE: IRS Has Big Plans for Its $80 Billion | Tax Pro E-filings Up 3% | Pros Handle 45% of Income Tax Returns | Can’t IRS Tax Pro Accounts Do More? | Hello? IRS? Anybody Home? | Taxpayer Assistance Centers Need Upgrade
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

The agency has received 90.1 million individual income tax returns as of March 31, the latest information available, down 1.3 percent from the same period in 2022. It has processed 89.7 million returns, up 0.4 percent.
READ MORE →

Pros Handle 45% of Income Tax Returns

By

data tableRefunds down by double digits.

By Beth Bellor
CPA Trendlines Research

Tax season 2023 has been consistent. Refunds are down, and so are self-prepared filings and IRS.gov visits. By every other marker, though, business is as usual or better.

MORE: On Business Outlook, CPAs Are Confident … and Concerned | At the IRS, Short on Staff Means Short on Service | More CPAs See Worsening Economy | Marchternity: The Solution Is Community |
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

As of Feb. 24, the latest data available, the IRS had received 46 million individual income tax returns, up 1.3 percent from the same period in 2022. It had processed 45.7 million returns, up 4.3 percent.

We always like to see processing go quickly, and the agency is speeding through returns right now at a clip of 99.4 percent.

READ MORE →

IRS Processing Returns as Fast as It Gets Them

By

data tableRefund numbers up 20+ percent, but average amounts still down.

By Beth Bellor
CPA Trendlines Research

Has the Internal Revenue Service been bingeing NASCAR videos? The agency put the pedal to the metal in processing individual income tax returns, with an incredible current rate of 99.8 percent.

MORE: Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

As of Feb. 17, the latest data available, the IRS had received 36.9 million individual income tax returns, up 2.6 percent from the same period in 2022, and processed 36.8 million of them, up 9.9 percent.
READ MORE →