Tuesday, March 23, 2010

Where Tax Returns Stand--The IRS Comments

The Internal Revenue Service indicates that tax returns are coming in more slowly this year compared to last. The proportion of e-filed returns remains strong and refund amounts are up slightly at an average of just over $3,000. The IRS believes that the larger refunds could be a function of stimulus incentives such as the American Opportunity Credit and homebuyer credit.

One wonders if one reason for slower tax filing could be with higher unemployment, fewer citizens may have taxable income and may not need to file (additionally, the fraud triangle suggests that failure to file issues could increase this year). From a personal finance standpoint, the $3,000 refund is also a bit concerning--perhaps this could have been pushed out to taxpayers more quickly to build consumer confidence.


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