IRS: tax re­funds down post-re­form

The News-Times - - BUSINESS -

The In­ter­nal Rev­enue Ser­vice cal­cu­lated a 2 per­cent de­cline in the av­er­age tax re­fund is­sued by the IRS in the days af­ter the April 15 fil­ing dead­line, at $2,725. It is the first an­nual tax dead­line since the De­cem­ber 2017 en­act­ment of the Tax Cuts & Jobs Act, with tax ex­perts telling CNBC some of the de­cline may be the re­sult of work­ers fail­ing to ad­just the amount of taxes with­held from their reg­u­lar pay­checks un­der the new tax law’s sched­ules, re­sult­ing in them get­ting more money each pay pe­riod and so re­duc­ing the re­funds owed them by the U.S. gov­ern­ment.

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