With little more than seven weeks left until the April 17th tax filing deadline, the story of this year's filing season is refunds — they are running $42.6 million ahead of a year ago at this time, and are now in excess of $411 million.
Of the 1.058 million tax returns filed to date (up 145,591 or 16 percent from a year ago), 80 percent have received a refund averaging $486.
The number of refunds is up 11 percent, from 763,207 a year ago to 846,250 as of yesterday.
It seems clear that many taxpayers took the advice of the IRS last year and waited to file until the middle of February, when the IRS published tax tables required for taxpayers who itemize. The delay in publishing the tables was due to last-minute tax law changes Congress enacted at the end of 2010, including the extension of the Bush tax cuts.
There was no such delay this year, and as a result, taxpayers who know they will get refunds have filed early, and in large number.
So far, 90 percent of returns have been filed electronically, a percentage unchanged from a year ago.
Those filing electronically are receiving refunds sent to their bank accounts in less than four business days.
Those relatively few taxpayers filing paper returns are getting their refunds in about five business days.
DOR Ruling Favorable in First Circuit Judgment posted on Mar 17
The United States Court of Appeals for the First Circuit issued judgments in the Department of Revenue’s (DOR) favor last month, finding that taxpayers in Bankruptcy proceedings cannot discharge late filed tax returns. The court consolidated two similar cases brought before them involving a total …Continue Reading DOR Ruling Favorable in First Circuit Judgment
Five Reasons to E-File with DOR’s WebFile for Income posted on Feb 24
With Tax season well under way; DOR would like to help you make the decision to E-File with WebFile for Income this year. We know, “I’m not computer savvy” or “What about the safety of my information” has been said many times before, but we’d …Continue Reading Five Reasons to E-File with DOR’s WebFile for Income
Class in Session at DOR University posted on Jan 20
Looking to educate yourself this tax season? Want to learn more about tax options, or DOR-related issues? All this can be achieved at DOR University, the Department of Revenue’s free online e-learning module. DOR University, created to offer free tax education to the public and …Continue Reading Class in Session at DOR University