Insight Report 3 minutes Premium

2020 Tax Tracker, Week 5: Tax Refunds Down Versus Last Year

What's Inside

As of week five of the US tax-refund season, volumes of refunds are returning to normal after a one-week aberration in which the number and value of refunds was down significantly over last. However, week-five statistics show a decline in the total value of tax refunds. We review the data published by the Internal Revenue Service.

Meanwhile, a consumer survey revealed some interesting insights into taxpayer behavior and perceptions:

  • Nearly 45% of those who hire a tax preparer only “glance” at the return.
  • Around 16% sign without reviewing at all.
  • Over half (54%) incorrectly believe the tax preparer is responsible for defending an audit.
  • Almost 36% incorrectly believe tax preparers are responsible for additional payments in case of preparer errors.
  • Millennials and Gen Zers are more likely than any other age group to file a paper return.

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