Tax Refund Size Increased This Year
The average tax refund in 2014 was $2,696, up 1.5 percent from the average refund of $2,656 in 2013, according to a new report on how well the Internal Revenue Service operated last tax season.
The report, from the Treasury Inspector General for Tax Administration, found that the IRS managed to function well this past tax season, despite a two-week delay as a result of the government shutdown last fall.
TIGTA found that as of May 2, 2014, the IRS received more than 135.5 million tax returns, up from the more than 133.8 million tax returns that were filed during the same period in 2013. More than 117 million (86.4 percent) were electronically filed, up 2.9 percent from the more than 113.6 million that were e-filed in 2013. Read more on Accounting Today.