WASHINGTON, D.C. (WKBN) – Tax refunds are down about $48 billion compared to this same time last year.
The Internal Revenue Service is also reporting that tax returns are down 24 percent.
One of the reasons for the big drop is the new PATH Act (Protecting Americans from Tax Hikes) that requires the IRS to delay refund checks for those filing for the earned income credit and child tax credit. The soonest those refunds can be paid is February 15.
The measure gives the IRS time to examine tax returns for accuracy and fraud.