Daily Tax Report ®

Tax Refunds Down Almost 5% As U.S. Filing Season Gets Under Way

Feb. 13, 2020, 8:50 PM

The number of tax refunds issued so far this tax season is down almost 5% compared to last year, an indication that many Americans didn’t withhold enough from their paychecks and could face bills from the IRS.

The IRS issued more than 10.8 million tax refunds through the week ending in Feb. 7, according to statistics published Thursday. The agency had issued nearly 11.4 million at the same point in the tax filing season last year.

The statistics show that the number of tax returns submitted and processed are roughly in line with last year, down only 0.4%, according...

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