Payments With Individual Income Tax Return Filings Are Down Sharply Compared to 2022 Amounts at This Same Point in the Processing. More Payments Remain to Be Counted, but it is Hard to See the Overall Decline Reversing Significantly.
Posted on April 24, 2023 Federal tax payments with individual income tax return filings are running well behind the 2022 pace at this same point in the processing. By our tally, payments are lower by about one-third (see the first chart below) compared to the 2022 pace. Normally at this point there is not an […]
The Early Counted Payments With Income Tax Returns Look Very Light, but the IRS Has Much More Counting to Do
Posted on April 19, 2023 Federal tax day was yesterday. The amount of money collected and reported by the IRS from individual income tax return filings is running well behind last year’s pace at this same point in the process. We cannot draw firm conclusions because normally only about one-third to one-half of the total […]
Tracking the Amount of Payments Made with Federal Tax Return Filings: The Process Begins
Posted on April 11, 2023 Payments by individuals with their federal income tax return filings are due to the IRS by Tuesday, April 18–a week from today, when the tax returns are also due. It is still way too early in the process to make any assessments of the amounts paid compared to prior years. […]
Federal Tax Withholding Growth Remained Stable in March
Posted on April 3, 2023 We estimate that growth in federal tax withholding–the amount of income and payroll taxes withheld from employees’ paychecks and remitted daily to the U.S. Treasury Department–grew by 3.8 percent in March (compared to the amounts from March of a year ago). That is just about the same as the 3.9 […]