Tax Returns Are Being Processed By the IRS More Rapidly Than Last Year

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Tax Returns Are Being Processed By the IRS More Rapidly Than Last Year

The IRS reported processing more than 16.7 million tax returns as of February 3—29% more than it did in 2022.

The IRS recently reported that while refund processing has been quicker this tax season than last, Americans are still receiving slightly smaller refunds on average. IRS reported processing more than 16.7 million tax returns as of February 3—29% more than in 2022. This year, the IRS not only processed more returns, but also received more.

By Feb 4. In 2022, the IRS received 16,685,000 returns; as of February 3 this year, it had received 18,946,000, a 13.5% increase. Americans are now receiving 10.8% less in refunds than they did a year ago. According to the IRS, the average refund in 2023 was $1,963 as opposed to $2,201. Although the average refund is less, as of February 3rd, more money has already been returned: $15.696billion in 2023 as opposed to $9.5333billion. Compared to last year, more Americans are filing their own taxes this year, the agency reported.

After the coronavirus (COVID-19) pandemic significantly affected the three prior tax seasons. The IRS announced that it was taking additional measures for the 2023 tax season to improve service for taxpayers.

As part of the Inflation Reduction Act, the IRS hired over 5,000 new telephone staffers and increased its in-person staff.

The 2023 tax season began on Monday, Jan. 23, with over 168 million individual tax returns expected to be filed before the April 18 filing deadline. Due to federal holidays, people have three extra days to file this year; the due date is April 18 instead of April 15 due to the weekend and the District of Columbia’s Emancipation Day holiday, which falls on Monday, April 17.

Taxpayers who request an extension have until Monday, October 16 to file.

The tax laws are very complex. Our short blog articles cannot cover in full all the nuances of the rules. Your specific facts may hold various opportunities and possible risks that only trained, and highly qualified tax specialists can spot. We encourage you to find such help, rather than trying to figure it all out on your own. Consider giving this marketplace a try by posting your project and signing up here.

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