IRS: Individual tax returns received in first week drops 12% from 2018

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(NBC) – Tax season is underway, and the Internal Revenue Service is out with their initial filing statistics.

The IRS says Americans are a bit more sluggish in filing their tax returns this year.

The number of individual tax returns received in the first week dropped more than 12 percent from last year.

The IRS also reports a sharp 25 percent drop in the total number of tax returns actually processed in the opening week of tax season.

And many Americans may be disappointed in their refund checks.

So far, the average tax refund paid out is small this year, averaging about $1,865 compared to $2,035 last year, an 8.4 percent drop.

The $1.5 trillion tax code overhaul was signed into law at the end of 2017. Under Trump’s plan, rates were cut for individuals and corporations.

However, the plan, which Trump said would simplify the tax code, also got rid of many deductions working class Americans relied on to lower their tax bill, such as home equity loan interest, moving expenses and certain job costs, including licensing and regulatory fees.

The IRS says it expects to issue fewer refund checks due to the changes in the tax law.

NBC News

NBC News

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