The tax season continues to roll in 2014. The Internal Revenue Season has released the most recent 2014 tax filing season statistics showing that numbers are up in almost every category as compared to 2013.
Processed returns far issued outpace last year’s numbers, despite an abbreviated filing season and a slight dip in the number of returns actually received. Some of the strong showing could be attributable to e-filing returns which tend to have fewer filing and processing errors: according to the IRS, nearly 95% of the returns received to date this filing season were filed electronically.
Also good news for early filers? Refunds are up. The IRS has issued more refunds in total numbers and total dollars in 2014 than for the same period in 2013. The average taxpayer refund so far this tax season is $3,211, a 6% increase from 2013.
The week to week numbers for 2014 show that tax season isn’t slowing down after the initial scramble to file. After a strong open to the season, IRS continues to process returns at nearly 12 million per week. Refunds are being issued at about the same pace, though the average refund issued to taxpayers has dipped. That’s to be expected, statistically, since taxpayers hoping for a bigger refund tend to file the earliest.
Overall, the statistics are fairly impressive. Considering the volume attributable to a shorter filing season, there have been relatively few systemic errors reported to date (the 1121 code problem being a notable exception). And, even though the process has been frustrating for taxpayers experiencing delays, the IRS has been much more responsive as a whole compared to last year when the educational credit snafu left taxpayers baffled with no official statement until late in the game.
As tax season continues, online access to refund status and your account is available on the IRS website or by using the IRS mobile app. Additionally, free help is available for struggling taxpayers.
