Refund Rush: IRS Races to Meet Taxpayer Demand as 43 Million Refunds Issued by March 8
Behind the Numbers: Comparing 2024’s Refund Pace to 2023’s as Tax Season Nears Conclusion
As the 2024 tax season enters its final stretch the IRS is witnessing a steady acceleration in the issuance of tax refunds despite falling slightly behind last year’s pace. With over six weeks already passed since the kickoff on January 29 taxpayers are eagerly awaiting their refunds which traditionally take about 21 days for those who file electronically and opt for direct deposit. However as of March 8 the IRS had dispensed more than 43 million refunds marking a notable milestone in the distribution process.
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$135B IRS Paid in Refunds in The First Six Weeks of 2024 (PHOTO:CNET)
Navigating the Lag: IRS Assures Taxpayers Amidst Slower Refund Pace Compared to 2023
Comparing this year’s figures to the same period in 2023 reveals a slight lag with the IRS having dispatched over 49.1 million refunds by March 10 of the previous year. While the numbers may show a discrepancy the IRS remains committed to processing refunds efficiently and ensuring taxpayers receive their entitled funds in a timely manner. With approximately a month left in the tax season taxpayers can anticipate a flurry of activity as the IRS continues to streamline its operations and accelerate the refund process.
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