The United States Internal Revenue Service (IRS) recently announced that it had received one-third of the individual income tax returns it had expected to receive during the whole 2014 filing season in the first three weeks. During each week in this filing season, the IRS has processed a greater percentage of the returns received than during comparable weeks last year.
More US taxpayers are filing their returns electronically this year. Overall, 46.6m returns have been e-filed so far in 2014, up 1 percent from the same time last year. The IRS has also issued more than 40m tax refunds this year, a rise of more than 6 percent compared to the same time last year. Almost 90 percent of these refunds were directly deposited into taxpayers’ accounts.
