OILERMAN

The tax windfall that wasn't: A troubling new IRS report suggests many Americans may be giving money right back to the government

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Not so fast,....

 

https://www.politico.com/story/2019/02/28/tax-refunds-rise-1229382

 

The average tax refund is now up 1.3 percent, the IRS reported Thursday, a bounce back that should come as a relief to Republican lawmakers defending their signature tax overhaul.

 

The agency said the typical payment issued through Feb. 22 totaled $3,143, compared with $3,103 during the same period last year, primarily due to a surge in tax credit payments for low-income taxpayers. That’s a major improvement from previous weeks' figures, which showed year-over-year declines in refunds.

 

The share of filers receiving payments, which had also been down, rebounded to more typical levels, with 81 percent getting money back from the government. The IRS said it processed a total of $121.2 billion in refunds, which was off 3.6 percent from last year, but was still a significant improvement from last week, when it was down almost 40 percent.

 

Overall, the numbers are good news for Republicans who had come under criticism as tax season got off to an unusually slow start. This year is the first millions of Americans are filing under the Republicans’ 2017 rewrite of the tax code, H.R. 1.

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6 hours ago, begooode said:

Not so fast,....

 

https://www.politico.com/story/2019/02/28/tax-refunds-rise-1229382

 

The average tax refund is now up 1.3 percent, the IRS reported Thursday, a bounce back that should come as a relief to Republican lawmakers defending their signature tax overhaul.

 

The agency said the typical payment issued through Feb. 22 totaled $3,143, compared with $3,103 during the same period last year, primarily due to a surge in tax credit payments for low-income taxpayers. That’s a major improvement from previous weeks' figures, which showed year-over-year declines in refunds.

 

The share of filers receiving payments, which had also been down, rebounded to more typical levels, with 81 percent getting money back from the government. The IRS said it processed a total of $121.2 billion in refunds, which was off 3.6 percent from last year, but was still a significant improvement from last week, when it was down almost 40 percent.

 

Overall, the numbers are good news for Republicans who had come under criticism as tax season got off to an unusually slow start. This year is the first millions of Americans are filing under the Republicans’ 2017 rewrite of the tax code, H.R. 1.

 

I wouldn't be surprised if this is due to lots of self employed people filing in the most recent weeks.  We were previously unable to file at the beginning of tax season because we needed to wait for some IRS forms to be published.  The 20% thing also threw the tax world for a loop and it took time for the tax people to figure out how to calculate it correctly because like most tax codes, it's not simply deduct 20% (it's a complicated formula).

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