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Accountancy Slice
North America
With the first month of tax season coming to a close, the IRS reports that the average refund has increased to $2,746, which is over $300 more than last year. The rise has been attributed to the decision not to alter tax withholding tables and the implementation of the One Big Beautiful Bill Act, which has led to more money returned to taxpayers. However, the IRS has noted that guidance on some provisions of the Act is still pending, contributing to a significant increase in visits to IRS.gov, which reached 176m. Despite the higher refunds, the number of taxpayers preparing their own taxes remains stable at around 19m while professional tax preparation has decreased from 13.4m to 12.7m.
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