Refunds Up, Returns Down in 2010


The IRS reports that the size of the average refund is almost 10% bigger this tax season compared with last year. The average refund, through March 12, is $3,036, up from $2,770 at the same time last year. The IRS says this increase is due to various new credits and deductions enacted in the past year.

 

Overall, both the number of returns received from individual taxpayers and total returns processed are down this year compared with 2009. Through March 12, returns submitted are down 2.9% compared with returns through March 13, 2009. The number of returns processed is down 4.9%.

 

E-filing has remained essentially flat this year (a 0.2% increase), and the small increase is due entirely to a 6.9% increase in taxpayers e-filing their own returns. E-filing by paid preparers is down 3.4% this season. Nearly 82% of individual returns filed this tax season have been e-filed.

 

2009 Economic Recovery Payment Lookup

The IRS’ online lookup tool, “Did I Receive a 2009 Economic Recovery Payment?” is now up and running on the IRS Web site. As reported earlier by the Journal of Accountancy, this service allows taxpayers to confirm whether they received an economic recovery payment in 2009. The American Recovery and Reinvestment Act provided for $250 stimulus payments to most U.S. residents receiving Social Security benefits, supplemental security income, railroad retirement benefits or veterans’ pensions or disability compensation, in lieu of the making work pay credit.

 

SPONSORED REPORT

Questions to ask before committing to the cloud

Cloud computing has its pros and cons. In this report, we answer common questions CPAs may have as they consider transitioning partially or fully to the cloud.

QUIZ

News quiz: Experts offer guidance on accounting standards

Take this short quiz to see how much you know about the news, including a couple of SEC announcements, and facts cited in the guidance experts have offered on accounting standards.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.