Number of tax refunds nearly doubles compared to last year


It’s early in the 2015 tax season but Americans are already getting refunds — lots of them.

Nancy Vanden Houten of Stone & McCarthy Research went through the Internal Revenue Service data and notes 7.6 million refunds were issued through Jan. 30, almost double the number of refunds sent out through the end of January last year. getting refunds — lots of them.

But don’t take that as an indication that there are huge numbers of refunds on the way, she cautions.

“At this stage of the tax season, we still view the volume of refund issuance as a timing issue,” she wrote in a research note Tuesday, “rather than an indication that substantially more refunds will go out this year compared to last year.”

Tax returns were accepted starting Jan. 20 this year, compared to Jan. 30 last year. The later date in 2014 was due to  Continue reading

Say What?


surprise surprise

IRS Commissioner John Koskinen confirmed Tuesday that illegal immigrants granted amnesty under President Obama’s executive actions will be able to get retroactive tax refunds.

Illegal immigrants will be eligible for the Earned Income Tax Credit, which is actually a government grant of up to $5,000 to working families.

Illegal immigrants affected by the president’s edict will not only be eligible for those tax credits going forward, but three years retroactively, so they’ll be able to collect quite a bit of money from the treasury.

One of the promises Obama made during the passing of ObamaCare was that illegal immigrants would not be eligible for subsidies.

The question of what government benefits, if any, that illegal immigrants should be eligible for has been a pretty hot question for a while. And now, under the president’s edict, they’re definitely eligible for the Earned Income Tax Credit and something called the Additional Child Tax Credit, going back for three years.