Are you one of them?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

When millions of Americans began filling out their 2018 taxes, they were surprised to learn that their refunds will be less than expected or that they owe money to the Internal Revenue Service after years of receiving refunds.

Questions:
1. How are some people protesting via social media?
2. Why have refunds decreased?
3. How much has the average refund check decreased this year as compared to last year?
4. Based on the article, explain the difference between taxes versus your refund.

Source:

Long, H. (2019). Millions of Americans could be stunned as their tax refunds shrink. Washington Post, Feb. 10 (Retrievable online at https://www.washingtonpost.com/business/2019/02/10/millions-americans-could-be-stunned-their-tax-refunds-shrink/?utm_term=.222c14616eff)