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IRS refunds still trickling out

The main 2016 tax filing season is almost over, and things definitely are slowing down, at least form the refund issuance standpoint.

Tax refund 1040 IRS check

The Internal Revenue Service says that through March 25, it had received 89.4 million returns and processed almost 87 million of them. Both those amounts are slightly less than at this time in 2015.

Refund amounts, too, are down a tad.

The IRS has issued 70.8 million refunds totaling almost $203 billion. The average refund this year is, as of now, $2,866.

In late March 2015, the agency had sent out 71.6 million refunds worth a total $204.4 billion. The average refund last year, however, was smaller: $2,853.

The agency will really have to pick things up to match the refunds issued in fiscal year 2015. As I noted last week over at Bankrate Taxes Blog, during that time frame Uncle Sam delivered $403 billion in tax refunds.

Bankrate Taxes Blog logoAlso last week at my other tax blog, I looked at the IRS' and Treasury's continued interest in folks who stash money offshore.

There are a couple of reporting requirements and deadlines for foreign account owners. Don't miss them or you could be in big, and expensive, tax trouble.

If, however, you miss one of my usual Tuesday and Thursday posts over at Bankrate, you won't face any penalties. And you can find links and highlights here the next weekend.


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Dave Blackburn

I filed married joint efile on April 12 still no refund?

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