Insight Report 3 minutes PremiumFirst Round of US Tax Refunds Lower, Likely Due to Tax Changes and Government Shutdown: 2019 Tax Tracker #1 Coresight Research February 14, 2019 Executive SummaryThe U.S. Internal Revenue Service (IRS) tracks tax return filings on a weekly basis. As of February 1, the IRS had received 16 million tax returns, down 12.4% year over year. A total of 4.7 million refunds had been issued as of that date (down 24.3% year over year), totaling $8.7 billion (down 30.6% year over year) and averaging $1,865 each (down 8.4% year over year). The drop in returns filed is likely due to confusion ensuing from tax law changes, combined with reduced availability of IRS agents due to the government shutdown. Given a solid U.S. economy, higher wages and employment rates, total refunds are likely to be higher in 2019, once the disruption from the government shutdown is resolved. 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: Holiday 2023: UK Retail Wrap-Up—December Downturn Unlikely To Herald Renewed RetrenchmentWeekly US and UK Store Openings and Closures Tracker 2023, Week 10: US Openings Cross 3,500Flipkart Big Billion Days 2023: Wrap-Up—Value, Technology and Convenience Take the LeadUS Consumer Tracker: Consumers Move Grocery Shopping Online
