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.
Prep Early for Next Tax Season posted on May 20
Filing season is finally over and we know the last thing on your mind is next tax season. But did you know that if given more prep time, you could be saving yourself lots of stress and time? Start planning for next tax season now …Continue Reading Prep Early for Next Tax Season
DOR’s Participation in the Family Court Workshops posted on Apr 22
Once a month, the Department of Revenue’s Child Support Enforcement (CSE) lawyers and staff volunteer to be a part of the Family Court Workshops for Mothers and Fathers at the Suffolk County Probate & Family Court in Boston. The workshops, a joint venture between community …Continue Reading DOR’s Participation in the Family Court Workshops
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