Tax return filing continues to lag the 2016 season. But the total number of returns for the period through February 12 narrowed from the gap for the two earlier periods reported by the However, that was a more than a seven-point important from the 24.3 percent decline registered for the season through February 3. The big factor appears to be the law that requires the IRS to hold refunds for those claiming the Earned Income Tax Credit and Additional Child Tax Credit until February 15.
The number of refunds issued for the measured period 14,059,000, was down 51.8 percent from 29,155,000 from last year's corresponding. The average refund of $2,058 represented a decline of 36.2 from $3,224.
Trend for self-prepared returns efiled and those submitted by tax professionals also showed improvement from last year's corresponding period. For the season to date, tax professionals efiled 17,122,000 returns, down 21 percent from the prior year's 3,518,000 returns efiled. That was a pick up from the prior period when the category was off by 29.2 percent.
There were 19,984,000 self-prepared return efiled for the measured period down 13.4 percent from 17,309,000 the period year. That was an improvement from the prior decline of 20.8 percent.