IRS Expected Return Over 168 Million in 2023

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The Internal Revenue Service (IRS) expected return estimates to be more than 168 million by the end of 2023.

Internal Revenue Service
The Internal Revenue Service expects to receive more than 168 million returns before the fiscal year ends in 2023. (Photo: NPR)

IRS Expects Over 168 Million Returns

According to the Treasury Department, the IRS has already processed over 100 million returns as of April and estimated an expected return of more than 168 million this year.

The expected return amounts were lower this year than in previous years’ expected returns due to the smaller tax credits available during the pandemic. Now that things have returned to normal, the agency’s capacity to complete all workloads has slowed.

With fewer employees, the agency’s main concern is dealing with backlogs and calls while working on monthly stimulus checks, child tax credit payments, amending the expected return, and other services, Morning Star reported.

READ ALSO: Democratic Lawmakers And Patriotic Millionaires Call For 90% Income Tax On Incomes Above $100 Million To Narrow Wealth Gap

IRS Faces Challenges During the 2023 Tax Season

The IRS stated that this tax season was a test for them because it was the first since the pandemic hit the country in 2019, especially now that they see results from the expected return for 2023. It was also the first tax filing season since the passing of the Inflation Reduction Act, which included an $80 billion budget to improve the agency’s technology, workforce, and audits.

Despite the current issues, the IRS received positive feedback for doing its best to improve its services amidst the obvious effects of the pandemic.

READ ALSO: Up To $600 Tax Rebate Will Be Sent To Eligible Residents Today In Idaho

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