NASDAQ:INTU 5 July 2025 - 20 November 2025

Key Facts: As Congress’s funding lapse hit IRS operations in late Oct 2025, most paper refunds were pausedirs.gov. The IRS paid out $311.6 billion in refunds in 2025 with an average of $3,052 per taxpayerts2.tech. The new U.S. tax law raised credits for children and seniorsts2.tech, and analysts now forecast a surge in refunds in early 2026cbsnews.comeconomictimes.indiatimes.com. In state news, Virginia announced one-time income-tax rebates of $200–$400 from a budget surplusts2.tech. Abroad, India reports delays in processing large refundseconomictimes.indiatimes.com, while Taiwan is issuing a NT$10,000 “universal” cash payment to citizensbasicincome.orgbasicincome.org. Stock markets have rallied on tax-season optimism: tax-prep firms like H&R Block and Intuit are near multi-year highsreuters.comreuters.com. Late October brought a mixed picture in the U.S. tax-refund landscape. The IRS reported that by Oct. 17 it had issued 102.1 million refunds totaling $311.6 billionts2.tech. Despite a slight drop in check counts, the average refund edged up to about $3,052ts2.tech. The agency credits this uptick to the new “One Big, Beautiful Bill” Act, signed July 2025, which restored and expanded parts of the 2017 tax cuts. For example, the Child Tax Credit rose to $2,200 per child and seniors received a new $6,000 deductionts2.tech. These changes mean many filers are

Americans saw slightly fatter refunds on average this year even as the number of people getting refunds dipped. Final IRS data through October shows the average refund climbed to $3,052, about $48 more than last year’s average accountingtoday.com. That uptick may reflect higher incomes and inflation adjustments that boosted tax withholding – leading many filers to overpay a bit more and get larger refunds. In total, the IRS disbursed $311.65 billion in refunds for the 2025 season, roughly 0.6% more than the prior year el-balad.com. However, those dollars were spread across slightly fewer taxpayers. The IRS issued just over 102 million refund payments, down by about 1 million from 2024 accountingtoday.com. In other words, fewer people overpaid their taxes or qualified for refunds, but those who did received marginally higher checks. Tax experts note this “fewer-but-bigger” pattern could stem from the expiration of one-time pandemic credits and improved withholding accuracy. With fewer surprise windfalls from credits like the expired expanded Child Tax Credit, some households that got refunds in prior years may have only broken even or owed a small balance this year.