Insight Report 3 minutes Premium2020 Tax Tracker, Week 5: Tax Refunds Down Versus Last Year Coresight Research March 11, 2020 What's InsideAs 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. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: CES 2023: Metaverse Highlights—Exploring Key Innovations in Augmented Reality, Artificial Intelligence and Immersive TechnologiesRetail Shrink and ORC: Self-Checkout and Store Closures, the INFORM Consumers Act, US Retailer Commentary3DLOOK, Clientricity and Trove Talk AI in Fashion Retail with Coresight ResearchUS Store Tracker Extra, January 2023: US Retailers To Open 27 Million Square Feet of New Retail Space
